Ark Mortgage Inc. Glossary of Terms

One who holds a power of attorney from another to execute documents on behalf of the grantor of the power.

The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage.

A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.

The transfer of the seller’s existing mortgage to the buyer. See assumable mortgage.

A mortgage that can be taken over ("assumed") by the buyer when a home is sold.

The transfer of a mortgage from one person to another.

Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).

A public official who establishes the value of a property for taxation purposes.

Attorney-In-Fact

Assumption Fee

Assumption Clause

Assumption

Assumable Mortgage

Assignment

Asset

Assessor