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Mobile Home Finance Dictionary > A
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Abatement: A termination, ending, reduction or decrease which usually applies to the assessed value of ad valorem taxes following their assessment and levy.
Accrued: Something that has been accumulated over a period of time for future disposition or use.
Actual Rate: The Actual Rate is the annual interest rate you pay on your loan (sometimes referred to as the "note rate"), and is the rate used to calculate your monthly payments.
Adjustable Rate Mortgage: A loan that adjusts on a regular schedule based on a national economic index and the lender's margin. Also called "variable rate mortgage."
Amortized loan: A mortgage where the principal and interest are repaid according to a plan through a series of equal or nearly equal payments in monthly or other periodic installments without any special balloon payment prior to maturity. Also known as a Level payment loan.
Amortization Schedule: A timetable for payments of a manufactured home mortgage showing the amount of each payment that is applied to interest & principle.
APR (Annual Percentage Rate): The APR includes both your interest and any additional costs or prepaid finance charges you might pay, such as prepaid interest, private mortgage insurance, closing fees, points, etc. Your APR represents the total cost of credit on a yearly basis after all charges are taken into consideration. It will usually be slightly higher than your Actual Rate because it includes these additional items and assumes you will keep the loan to maturity.
Application Fee: A one-time fee charged by a lender for processing a borrower's application for a manufactured home mortgage loan. Sometimes the application fee covers the cost of the credit report. CAMHF does not charge an application fee.
Appraisal: A professional opinion of the market value of a manufactured home property, in comparison to other manufactured homes that have sold within or in proximity to the home in question.
Appreciation: An increase in the value of a mobile home due to change in market conditions, home improvement or other factors. Contrary to popular belief, manufactured homes can and do appreciate.
Assessed Value: The value placed on a manufactured home by a public tax assessor for the purpose of determining property taxes. This is considered the least reliable method of determining a manufactured home value and should be given little weight when making a buying or selling decision.
Assumable Mortgage: A loan that can be taken over, or assumed, by a buyer when the mobile home is sold. Only some of CAMHF's financial products are assumable.
Automated Underwriting: A computer-based method that enables mortgage lenders to process a loan application more quickly by using credit scores and other loan application data to make a recommendation on whether or not to extend a mortgage loan. CAMHF personally reviews each and every application and does not use automated underwriting.
(800) 882-1999CAMHF - Mobile Home Loans
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