Mid atlantic finance settlement1/15/2024 AĪmenity: a feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).Īmortization: repayment of a mortgage loan through monthly installments of principal and interest the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years)Īnnual Percentage Rate (APR): calculated by using a standard formula, the APR shows the cost of a loan expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.Īpplication: the first step in the official loan approval process this form is used to record important information about the potential borrower necessary to the underwriting process.Īppraisal: a document that gives an estimate of a property’s fair market value an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.Īppraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.ĪRM: Adjustable Rate Mortgage a mortgage loan subject to changes in interest rates when rates change, ARM monthly payments increase or decrease at intervals determined by the lender the Change in monthly -payment amount, however, is usually subject to a Cap.Īssessor: a government official who is responsible for determining the value of a property for the purpose of taxation.Īssumable mortgage: a mortgage that can be transferred from a seller to a buyer once the loan is assumed by the buyer the seller is no longer responsible for repaying it there may be a fee and/or a credit package involved in the transfer of an assumable mortgage. We pride ourselves on meeting the most challenging demands of leading institutions, financial advisors and their clients.203(b): FHA program which provides mortgage insurance to protect lenders from default used to finance the purchase of new or existing one- to four family housing characterized by low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.Ģ03(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan. As our custody, brokerage, trade processing and advisory businesses surpass the $90 billion mark in account assets, we know that this commitment is working - for us and for those who rely upon us. You will find us committed to teamwork, innovation, and reliability. We at Mid Atlantic are dedicated to helping our business partners provide first-class service to their clientele. Mid Atlantic Clearing & Settlement Corporation, a registered broker-dealer, member FINRA/SIPC* Mid Atlantic Trust Company, a non-depository state chartered trust company Mid Atlantic Financial Management, Inc., an SEC registered investment advisor Mid Atlantic Capital Corporation, a registered broker-dealer, member FINRA/SIPC* Mid Atlantic Capital Group is a leading financial services organization that provides a wide array of brokerage, advisory, and trust services to a diverse national client base of financial advisors and institutions, asset managers, and benefits administrators through its various subsidiary companies.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |