The Credit Card Cure Co-op provides tons of tools to help you settle your credit card debts…including a list of frequently asked questions and an extensive glossary of terms.
I hope these “5 terms for today”, January 9th help you in some small way!
Adjustable Rate Mortgage (ARM): Loan with an interest rate that can vary up or down
at certain intervals (periods) and within certain limits (caps); loan is secured by house
on which lender will foreclose if loan is not paid.
Affidavit: A sworn statement in writing usually given while under oath or in the presence
of a notary or attorney. May be required to substantiate earnings if no 1099 or W-2.
AITD: All inclusive trust deed, also known as a wrap-around loan. This means that the
pre-existing loan is absorbed into a new loan made by the property’s Seller. Watch for
renewed interest in AITDs as alternative financing methods grow in popularity during
downturns.
Alienation: Transferring property from one person to another.
Alienation/Acceleration/Due on Sale Clause: States that on sale or transfer of certain
property, a loan is immediately due and payable.
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