Current Mortgage Rates

Thursday, December 04, 2008




Glossary of Terms

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Aggregate Adjustment

An aggregate adjustment determines the amount of money placed in a borrower's escrow account at closing. The purpose of the aggregate adjustment is to ensure that the borrower's escrow account maintains the necessary balance throughout the year; particularly when taxes and insurance are paid. In many cases, the aggregate adjustment is a credit that benefits the borrower by guaranteeing the escrow account does not hold unnecessary funds.