Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

adjustable rate mortgage percent
A mortgage where the interest rate changes periodically according to changes in a specified index
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adjustment date
The date when the interest rate changes on an adjustable rate mortgage (ARM).
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adjustment period
The period of time that elapses between the adjustment dates for an adjustable rate mortgage (ARM).
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amortization
The repayment of a mortgage by installments with regular payments that cover the principal and interest.
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amortization term
The length of time required -- expressed in months -- to amortize the mortgage.
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annual percentage rate (APR)
The true cost of a mortgage stated as a yearly interest rate; includes interest, mortgage insurance, and loan origination fees (points).
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appraisal
A written cost analysis of the estimated value of a property prepared by a qualified property appraiser.
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appraiser
An individual qualified by education, training, and experience to estimate the value of real property.
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asset
Anything of monetary value that is owned by an individual.
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assumable mortgage
A mortgage that is allowed to be taken over ("assumed") by a buyer when a home is sold.
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assumption
The transfer of a seller's existing mortgage to a buyer.
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assumption clause
A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller.
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