Oro Valley and Tucson Real Estate-Real Estate Terms
Addendum: Something added. A list or other material added to a document, letter, contractual agreement, escrow instructions, etc., to modify the original. (See Amendment)
Adjustable Rate Mortgage (ARM): Mortgage loans under which the interest rate is periodically adjusted, in accordance with some market indicator, to more closely coincide with the current rates. The extent and number of these adjustments are agreed to at the inception of the loan.
Agency: Any relationship in which one party (agent) acts for or represents another (principal) under the authority of the latter. Agency involving real estate should be in writing, such as listings, buyer/broker agreements, power of attorney,
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A mortgage is a loan that is secured by the value of your home or other real estate. Mortgages may be offered at a fixed interest rate for the life of the loan, or at a rate that may change over the life of the loan. Repayment terms range from 15 to 30 years, depending on the type of