Mortgage loans, home loans, equity loans. Please feel free to read through any terms that you are not familiar with. Acquisition indebtedness - A loan you get to build your house, a loan to buy your house or any loan you take out to substantially improve your home.
Interest paid on such a loan is generally tax-deductible.
The cost of a mortgage stated as a yearly rate. It includes interest, mortgage insurance and certain points or credit costs. Appraisal - The examination of property by a professional appraiser to estimate fair market value. An opinion of a property's fair market value, based on an appraiser's inspection and analysis of the property. Some home equity loans are based on a percentage of the appraised value, others on the assessed value.