Annual Cap

Definition of "Annual cap"

Amount the interest rate of a variable rate mortgage can be raised or lowered in any consecutive 12-month period.

Search Real Estate Glossary

Related Real Estate Glossary terms

Q Schedule

SCHEDULE provision of the new York insurance code and regulations under which the life insurance co ...

Commercial Property Policy

Coverage for business risks including goods in transit, fire, burglary, and theft. A common example ...

Mortgage Lender

The party advancing money to a borrower at the closing table in exchange for a note evidencing the ...

Assumptions

Circumstances taken for granted. For example, in calculating annuity values, a particular interest r ...

Nonassumption Clause

A clause inserted in a mortgage agreement requiring a future buyer of the subject property to obtain ...

Collection Book

Record a debit (or other) agent makes for premiums collected, time period for which the policy is pa ...

Related Real Estate FAQ

What Are Jumbo Mortgages?

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

What Is A Buydown?

A type of financing in which a developer or seller arranges for the buyer to get a loan at a rate be ...

What Is A Title?

A title is the right of property ownership. ...

What Is A Wraparound Mortgage?

A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus ...

Do I Need Flood Insurance?

Over 90% of all presidential-declared disasters in the United States are flood related. Leveling for ...

What Type Of A Home Is A Condominium?

A condominium is a form of home ownership in which the owner owns the airspace within the walls but ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Build or Buy? That’s the Big Question 6 Reasons you are not selling properties How is Square Footage Determined? What Must I Disclose When Selling My Home? 10 Tips for Homebuyers

FAQ

What is a qualifying ratio? What is a mortgagor? Who is a subagent? What is equity? What do I need to know about Business Insurance?