Mortgage term usually preceded by the word "Interest" (i.e. "Interest Adjustment Date"). The date soon after the completion of a purchase and mortgage transaction on which the borrower must make a …
Actual Age
As opposed to effective age. The objective age in years of a building measured simply by the passage of time since it was constructed. Effective age is a subjective measurement of the condition of a …
Adjustment Interval
Also known as Adjustment Period. The period of time (i.e. week, month, year) between changes in the interest rate charged on a adjustable-rate mortgage. …
Actual Authority
With reference to an agent or representative. The limits of the power the agent or representative has to bind her principal to an agreement or to a statement. …
Adjustment Period
See Adjustment Interval. The amount of time between interest rate adjustments in an adjustable-rate mortgage. …
Accessory Building
A structure on a property that serves a specific purpose, complementing the home or main building. A garage or storage shed. …