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Home loan Glossary

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Abstract out-of TitleA written history of ownership in order to a certain urban area from house. A conceptual out of term covers that point on new source off name to the present some time and summarizes all of the after that files which have been filed facing you to town.

AddendumAn agreement otherwise list that’s added to a binding agreement, arrangement, or any other file for example a letter of purpose. FHA and Virtual assistant need one an addendum be included in otherwise integrated during the an income package, when it is composed ahead of the appraisal.

Additional Dominant PaymentA percentage of the a debtor greater than the fresh new planned commission due to slow down the leftover equilibrium into the borrowed funds.

Modified Terrible IncomeA man or woman’s overall earnings, given that said to your their unique Internal revenue service 1040 taxation come back function, just after allowable benefits, deductions, and you can expenditures.

Western Land Term Relationship (ALTA)A nationwide organization out-of name insurers, abstractors, and you will attorneys dedicated to real property laws.