Definition
Acceleration Clause
A provision in the note allowing the lender to demand the entire balance immediately if you default. It is what makes foreclosure possible for a single missed payment rather than only for the missed amount.
Nearby terms
40-Year Mortgage
An extended-term loan lowering the payment but substantially increasing lifetime interest.
Abstract of Title
A condensed history of the ownership of a parcel of land, listing every recorded transfer, lien and encumbrance.
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.
Adjustment Period
How often an ARM rate resets after the initial fixed period.
Ready when you are
See your real numbers before you fall in love with a house.
Live rates, a full cost breakdown, and a pre-approval you can shop with. It takes a few minutes and it does not lock you into anything.
No fee · No obligation · Pre-approval typically under an hour · Call or text 24/7 · NMLS 2705737