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

Adjusted basis is the cost basis of an asset adjusted for various events during its ownership. It is usually used to calculate an owner’s capital gain or loss for income tax purposes when the property is sold, or to calculate an inheritor’s...

Adjustment Date

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...

Adjustment Period

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.

Adjustment periods are set at month-to-month, semi-...

Building and loan association

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...

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 tribes.

Congress has...

Conforming Loan

A conforming loan is a mortgage that is below the conforming loan limit established by the Federal Housing Finance Agency (FHFA) and abides by other restrictions of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal...

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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