Additional principal payment Ī payment made by a borrower of more than the scheduled principal amount due in order to reduce the outstanding balance on the loan, to save on interest over the life of the loan and/or pay off the loan early. Paying down to a zero balance does not count as termination. Account termination fee Ī fee that may be charged if you pay in full and terminate your home equity line of credit during the first 5 years. Acceptance Ī buyer’s or seller’s agreement to enter into a contract and be bound by the terms of the offer. An abstract of title covers the period from the original source of title (often the original land grant from the United States government to an individual) to the present time and summarizes all subsequent documents that have been recorded against that tract. A Abstract of title Ī written history of all the transactions related to the title for a specific tract of land. Use this glossary of mortgage terms to better understand the overall mortgage process as well as any specific mortgage terms that may be unfamiliar to you.
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