Alternative Mortgage Instrument Ami | Real Estate Glossary

Definition of "Alternative mortgage instrument (AMI)"

Type of mortgage, which is not based on a constant interest rate.

A line on a map or drawing showing equal ground elevation points. See also contour map. ...

Method of setting a dollar value on loss suffered by an insured. In some cases, a loss is straightfo ...

Supporting beam or connecting member between two walls. A cross tie gives support for wall structure ...

Value added to property because of its intrinsic artistic, beautiful, and favored location. ...

Obtaining money and/or property from a deceased person whether by will or not. ...

Proportion of a premium allocated to pay losses, which is equivalent to (1.00 - expense ratio). ...

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mort ...

Provides financial protection for a limited, specified period of time, at a lower cost than permanen ...

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

A sales contract is the contract you draw up when you want to make an offer on a home. ...

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