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ARM See Adjustable Rate Mortgage Loans. DEED Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing. JUMBO LOAN A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. APPRAISAL A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets. PER DIEM INTEREST Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first day of the following month.) BUY-DOWN MORTGAGE A mortgage loan with a below-market rate for a period of time. |
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