The fair market value an appraiser assigns to a particular property, based on analysis of the property in question, and the market conditions in the area, and recent sales data of comparable homes in the area.
|Convertible ARM |
An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.
A mortgage on which the interest rate is set for the term of the loan.
A mortgage made subsequent to another and subordinate to the first one.