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Mortgage Glossary

ARM

See Adjustable Rate Mortgage.

Assessment

A local area tax charged against a property for a specific purpose, such as a sewer or street signage.

Asset

Anything of monetary value you own outright, including property, bank accounts, stocks and mutual funds. A review of assets is an important part of the mortgage application process.

Assumable Mortgage

An existing mortgage you can take over with the same rates and terms the current owner agreed to.

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