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REAL ESTATE GLOSSARY
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Acceleration Clause
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Acceptance
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Additional Principal Payment
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Adjustable-Rate Mortgage (ARM)
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Adjusted Basis
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Adjustment Date
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Adjustment Period
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Administrator
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Affidavits
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Affordability Analysis
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Amenity
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Amortization
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Amortization Schedule
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Amortization Term
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Amortize
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Annual Mortgagor Statement
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Annual Percentage Rate (APR)
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Annuity
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Application
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Appraisal
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Appraised Value
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Appraiser
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Appreciation
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Assessed Value
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Assessment
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Assessment Rolls
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Assessor
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Asset
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Assignment
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Assumable Mortgage
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Assumption
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Assumption Clause
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Assumption Fee
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Attorney-in-fact
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Automated Underwriting
Acceleration Clause
A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.
Acceptance
An offeree's consent to enter into a contract and be bound by the terms of the offer.
Additional Principal Payment
A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.
Adjustable-Rate Mortgage (ARM)
A mortgage that permits the lender to adjust its interest rate periodically on the basis of changes in a specified index.
Adjustment
Date
The date on which the interest rate changes for an adjustable-rate mortgage (ARM).
Adjustment Period
The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).
Administrator
A person appointed by a probate court to administer the estate of a person who died intestate.
Affidavits
As part of the closing process, you're likely to sign numerous affidavits. You may be required, for example, to sign an affidavit of occupancy. It states that you will use the property as a principal residence. Or, you and the seller may have to sign an affidavit stating all of the improvements to the property required in the sales contract were completed before closing.
Your lender can provide additional information regarding any of these documents you will sign.
Affordability Analysis
A detailed analysis of your ability to afford the purchase of a home.
An affordability analysis takes into consideration your income,
liabilities, and available funds, along with the type of mortgage you
plan to use, the area where you want to purchase a home, and the
closing costs that you might expect to pay.
Amenity
A feature of real property that enhances its attractiveness and increases the occupant's or user's satisfaction although the feature is not essential to the property's use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.
Amortization
The gradual repayment of a mortgage loan by installments.
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Amortization Schedule
A timetable
for payment of a mortgage loan. An amortization schedule
shows the amount of each payment applied to interest and
principal and shows the remaining balance after each
payment is made. |
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Amortization Term
The amount of
time required to amortize the mortgage loan. The
amortization term is expressed as a number of months.
For example, for a 30-year fixed-rate mortgage, the
amortization term is 360 months. |
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Amortize
To repay a
mortgage with regular payments that cover both principal
and interest. |
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Annual
Mortgagor Statement
A report sent to
the mortgagor each year. The report shows how much was
paid in taxes and interest during the year, as well as
the remaining mortgage loan balance at the end of the
year. |
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Annual
Percentage Rate (APR)
The cost of a
mortgage stated as a yearly rate; includes such items as
interest, mortgage insurance, and loan origination fee
(points). |
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Annuity
An amount paid
yearly or at other regular intervals, often on a
guaranteed dollar basis. |
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