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RELEASE The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded. FLAG LOT A land parcel having the configuration of an extended flag and pole. The pole represents access to the site which is usually located to the rear of another lot fronting a main street. REAL PROPERTY Land and any improvements permanently affixed to it, such as buildings. LATE CHARGE Penalty paid by a borrower when a payment is made after the due date. MORTGAGE A legal document by which real property is pledged as security for the repayment of a loan. ADJUSTABLE RATE MORTGAGE LOANS (ARM) Loans with interest rates that are adjusted periodically based on changes in a pre-selected index. As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. These mortgage loans must specify how their interest rate changes, usually in terms of a relation to a national index such as (but not always) Treasury bill rates. If interest rates rise, your monthly payments will rise. An interest rate cap limits the amount by which the interest rate can change; look for this feature when you consider an ARM loan. MORTGAGE BANKER A corporation or firm which normally provides its own funds for mortgage financing. |
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