housing

A 30-day notice is a written letter from tenant to landlord or landlord to tenant informing the other party of their intent to terminate or change a month-to-month or other periodic

Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years, have a set amount of interest on the loan that does not change. ARMs come in many different forms. The typical ARM has a fixed interest rate for a specific amount of time.

Adjusted basis is the cost basis of an asset adjusted for various events during its ownership.

Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate is usually fixed at a discount rate for an initial period before it is reset (or adjusted), according to the parties’ agreement, on a scheduled adjustment date to reflect current market interest rates.

Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.

ARM stands for ‘adjustable-rate mortgage,' which is a type of home loan that has a fixed interest rate for an initial period of time then after a certain point, the rate changes, which means it is no longer a fixed interest rate but rather the interest fluctuates during the life of the loan, based on the change or move

Assumable mortgage is a term for mortgages that can be transferred to another person. If a mortgage is assumable, the selling owner transfers the title and mortgage to the buyer instead of the buyer getting a different mortgage. This process can save the buyer fees and lots of money on interest if the mortgage has lower interest than the market.

Biweekly mortgage is defined as an option of paying a mortgage, in which payments are made every 2 weeks as opposed to the traditional payment schedule in which 12 monthly payments are made every year. 

[Last reviewed in February of 2022 by the Wex Definitions Team]

A bona fide purchaser is someone who exchanges value for property without any reason to suspect irregularities in the transaction.

Building and loan associations were organizations that provided loans to members for buying homes. The organizations were formed by a community of low income members that made regular payments into the fund. Members owned shares in the organization where they have rights to a loan at some point in time or dividends.