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 (ARM)
A mortgage in which the interest rate is adjusted periodically based on an index. Also called a variable rate mortgage. 

Adjustment Interval
For an adjustable rate mortgage, the time between changes in the interest rate charged. The most common adjustment intervals are one, three or five years.

Agent
Someone who acts on behalf of another for a fee.  In real estate, the term refers to a person with a real estate license who works under the authority of a real estate broker.

Amortization
Extinguishing the outstanding balance of a loan by making equal payments on a regular schedule (usually monthly). The payments are structured so that the borrower pays both interest and principal with each payment.

Annual Percentage Rate (APR)
The interest rate which reflects the cost of a mortgage as a yearly rate. This rate is usually higher than the stated loan rate for the mortgage because it includes points and other charges.

Application Fee
The fee charged by the lender to the borrower for making loan application. Payment of this fee does not guarantee that a loan will be approved. Some lenders may apply the cost of the application fee to closing costs.

Appraisal
A written report by a qualified person that determines a property's value based on recent sales information of similar properties.

Appreciation
Increase in value of a property, not including increases from improvements.

As-is
The value of a property based on its present condition.

Assessment
A tax or charge levied against a property by the government, typically to pay for local improvements, e.g., sidewalks, curbs, or sewers.

Assumable Loan
These loans may be passed from a seller of a home to the buyer. The buyer "assumes" all outstanding payments.