housing

Adjustable Rate Mortgage (ARM)

A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).

Adjusted Basis

Definition from Nolo’s Plain-English Law DictionaryAn owner's original tax basis in an asset, adjusted for various events during the period of ownership. The costs of capital improvements are added to the original basis (which is normally the price the...

Adjustment Date

Definition from Nolo’s Plain-English Law Dictionary

The date the interest rate changes on an adjustable-rate mortgage (ARM). On most ARMs, the rate starts out fixed at a discount for an initial period, such as five years. Then it's reset (typically...

Adjustment Period

Definition from Nolo’s Plain-English Law Dictionary

For homeowners with an adjustable-rate mortgage (ARM), the scheduled period between changes in the interest rate. The adjustment period can be monthly, semi-annually, annually, and so forth....

building and loan association

Definition from Nolo’s Plain-English Law DictionaryAnother name for a savings and loan association. As the name implies, these institutions were originally meant to provide loans for building a house after the depositor had saved enough for a down payment...

Commerce

In 15 U.S.C. §1127:

1) The exchanging, buying, or selling of things having economic value between two or more entities, for example goods, services, and money. Commerce is often done on a large scale, typically between individuals, businesses,...

Commerce Clause

Overview

The Commerce Clause refers to Article 1, Section 8, Clause 3 of the U.S. Constitution, which gives Congress the power “to regulate commerce with foreign nations, and among the several states, and with the Indian

Congress has...

Conforming Loan

Definition from Nolo’s Plain-English Law DictionaryA mortgage loan small enough to be bought by Fannie Mae or guaranteed by the Federal Housing Administration. The dollar limit on conforming loans is adjusted periodically and is higher in areas with a...

Equity of Redemption

Definition from Nolo’s Plain-English Law DictionaryIn foreclosure, the homeowner's right, for a certain period of time, to redeem the mortgage and keep the house by refinancing and paying off the original mortgage. State statutes usually spell out the...

Fair Housing Act & Fair Housing Amendments Act

Definition from Nolo’s Plain-English Law Dictionary

Definition provided by Nolo’s Plain-English Law Dictionary.

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