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Assessed Value The value that a taxing authority, such as a county assessor places on real property as a base for computing property taxes. Generally assessed at 80% of value.
Convertible ARM An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.
Gross Monthly Income The total monthly income earned before taxes and any other deductions.
Wraparound Mortgage Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.
