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GLOSSARY OF MORTGAGE TERMS:
Page 2 of 3 | 36 terms beginning with 'A' Amortization Schedule A timetable for payment of a mortgage showing the amount of each payment applied to interest and principal and the remaining balance. Amortization Term The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. Amortize Reduce a debt by regular payments of both principal and interest. Annual Percentage Rate (APR) The total yearly cost of a mortgage stated as a percentage of the loan amount: includes the base interest rate, primary mortgage insurance, and loan origination fee (points) Annuity Annuity An amount paid yearly or at other regular intervals, often on a guaranteed dollar basis. Application A form used to apply for a mortgage loan and to record pertinent information concerning a prospective mortgagor and the proposed security. Application Fee The fee charged by the lender to the borrower for applying for a loan. Appraisal A professional opinion of the market value of a property. Appraised value An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Appraiser A person qualified by education, training, and experience to estimate the value of real property and personal property. Appreciation An increase in the value of a house due to changes in market conditions or other causes. Assessed Value The valuation placed upon property by a public tax assessor for purposes of taxation. Assessment The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment. Assessor A public official who establishes the value of a property for taxation purposes. Asset Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on). |