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David Olive - Toronto StarWe're not sure about the un-euphonic name the noted U.S. urban-studies guru Richard Florida has come up with for the "mega-region" he says is centred on Toronto – "Tor-Buff-Chester," derived from Toronto, Buffalo and Rochester. And while we've long ...
Automakers Up Their Ante: Is $75B the New Price of an Auto Bailout? - ABC News BlogsABC News’ Jonathan Karl Reports: The American automobile industry is in danger of collapsing, and it could take as much as $75 billion to save it. That was the urgent pitch that the CEOs of the Big Three automakers –- General Motors, Ford and ...
Today's Mortgage Terms starting with A
Accrued Interest: Interest earned but has not been paid
Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.
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