Definition
Abstract of Title
A condensed history of the ownership of a parcel of land, listing every recorded transfer, lien and encumbrance. Used in some states in place of, or alongside, a title insurance commitment.
Nearby terms
2-1 Buydown
A temporary rate reduction of two percentage points in year one and one point in year two, funded upfront, often by a seller or builder.
40-Year Mortgage
An extended-term loan lowering the payment but substantially increasing lifetime interest.
Acceleration Clause
A provision in the note allowing the lender to demand the entire balance immediately if you default.
Adjustable-Rate Mortgage
A loan whose rate is fixed for an initial period, then adjusts periodically against an index plus a margin, subject to caps.
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