Private listing updating service
Adjustable Rate Mortgage (ARM) - A mortgage whose interest rate over the life of the loan is not necessarily the same as the original interest rate at the loan inception.
Rate changes may go up or down and are usually tied to an economic indicator and a time period.
In years past, the new buyer could take over the loan without having to qualify, but mortgage requirements are now more stringent.
Asking/Listing Price – The price a seller is asking in order to sell their property.
The price that a buyer offers to purchase the property and the final contract price may be less than, equal to, or even more than the asking/listing price.
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A Acceptance - The time at which an offer to purchase is accepted.