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PAYMENT CAP Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, they may cause negative amortization. VARIABLE RATE Interest rate that changes periodically in relation to an index. FEDERAL HOUSING ADMINISTRATION (FHA) The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market. ACRE A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods. JOINT LIABILITY Liability shared among two or more people, each of whom is liable for the full debt. AGREEMENT OF SALE Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. AGREEMENT OF SALE An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property. |
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