arla slaughter, REALTOR速
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Real Estate Glossary 401(k)/403(b): An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations. 401(k)/403(b) loan: Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans -- monies must be repaid to avoid serious penalty charges.
A acceleration clause: A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed. acceptance: An offeree's consent to enter into a contract and be bound by the terms of the offer. additional principal payment: A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan. adjustable-rate mortgage (ARM): A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change. adjusted basis: The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken. adjustment date: The date on which the interest rate changes for an adjustable-rate mortgage (ARM).
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