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Mortgage Glossary
Conceptual off TitleA written reputation for ownership in order to a certain town out of home. A conceptual out-of term discusses that point on totally new source away from term to the current some time summarizes the next files that happen to be recorded against you to urban area.
AddendumAn arrangement or list that is placed into a contract, arrangement, or any other file including a letter regarding purpose. FHA and you may Virtual assistant wanted you to definitely an addendum be added to or incorporated during the a revenue package, in case it is written before the assessment.
A lot more Dominant PaymentA payment from the a borrower in excess of new booked payment due so you’re able to slow down the left harmony on the mortgage.
Modified Terrible IncomeA person’s complete money, because stated towards the their Irs 1040 taxation return mode, just after allowable efforts, write-offs, and you may expenditures.
American House Title Connection (ALTA)A national relationship off title insurers, abstractors, and attorney concentrating on real estate rules. Continue reading