Fixed Rate Mortgage Financial Glossary
What is it? A mortgage loan in which the interest rate does not change (see Adjustable Rate Mortgage).Finance Term Definition Added By: Xavier
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Financial Term VA Mortgage is A mortgage, of which only Veterans are eligible, where the lender receives a guarantee to reduce loss from the Veterans Administration (VA). The major advantage of a VA mortgage is that the required down payment is very low, and maximum allowable loan amounts are higher than on FHA loans.Financial Term Fixed Annuity is Guaranteed payments fixed over the life of the annuity.
Financial Term partial release is A document or a process in which a secured party gives up its collateral interest in a portion of the property of the debtor that is pledged to secure a loan. For example, if a real estate developer has pledged 10 lots as collateral for a loan, a partial release may be used for each lot as it is sold. For personal property collateral, a partial release may be entered into the public record by using a standard form called a UCC-3.
Financial Term Stamp duty is This is a tax which is levied on the purchase of property. The tax is paid by purchasers and is currently levied at the following rates, which were announced on March 22nd, 2000 by the Chancellor in his budget speech 1% of property value 60000 - 250000, 3% of property value 250001 - 500000 and 4% of property value 500001 and above. The appropriate rate is paid on the whole purchase price and not just the excess applying to that band i.e. a purchase price of 350000 will attract 10500 stamp duty, being 3% of 350000. Since 30th November 2001, some disadvantaged areas of the UK became liable to stamp duty exemption. To see if the property you are purchasing is eligible for exemption, or for more information, call the Stamp Taxes Helpline on 0845 603 0135 or visit www.inlandrevenue.gov.uk/so/disadvantaged.htm
Financial Term Conveyancing is The legal work, usually carried out by a solicitor, associated with buying or selling a property.