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Closing Costs

Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs...

Nonliquid Asset

An asset that cannot easily be converted into...

Lifetime Payment Cap

For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of the mortgage. See...

Assumable Mortgage

A mortgage that can be taken over ("assumed") by the buyer when a home is...

Department Of Veterans Affairs

An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee...

Lifetime Rate Cap

For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the loan. See...

Cap

A provision of an adjustable-rate mortgage (ARM) that limits how much the interest rate or mortgage payments may increase or decrease. See...

Pud (planned Unit Develop)

A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of...

Closing Statement

See HUD-1 statement.

Cooperative (co-Op)

A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the...