Debt Consolidation Home Equity Loan,

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

ADJUSTABLE RATE MORTGAGE LOANS (ARM)
Loans with interest rates that are adjusted periodically based on changes in a pre-selected index. As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. These mortgage loans must specify how their interest rate changes, usually in terms of a relation to a national index such as (but not always) Treasury bill rates. If interest rates rise, your monthly payments will rise. An interest rate cap limits the amount by which the interest rate can change; look for this feature when you consider an ARM loan.

CERTIFICATE OF ELIGIBILITY
Document issued by the Veterans Administration to qualified veterans which verifies a veteran's eligibility for a VA guaranteed loan. Obtainable through local VA office by submitting form DD-214 (Separation Paper) and VA form 1880 (request for Certificate of Eligibility).

SECOND MORTGAGE
An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

MORTGAGE BANKER
A corporation or firm which normally provides its own funds for mortgage financing.

EXCHANGE
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization.

ANNUAL PERCENTAGE RATE
The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law.

ESTOPPEL
A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

FLOOR DUTY
A frequent practice in real estate brokerage offices of assigning one sales agent the responsibility for handling all telephone calls and office visitors for a specified period of time.

JUST COMPENSATION
An amount of compensation to be received by a party for the taking of property under the power of eminent domain.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

WAIVER
Voluntary relinquishment or surrender of some right or privilege.

LIQUIDATED DAMAGES
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract.

INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.