acceleration clause
A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance. For example, if a monthly payment is missed or the mortgage contains a due on sale provision. acceptance
An offeree’s consent to enter into a contract and be bound by the terms of the offer. acre
A measure of land, 43560 square feet. 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 mortgage 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 financial 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). agreement for deed
A contract to purchase certain real estate. amortization
The gradual repayment of a mortgage loan by principal installments. amortization table
An amortization table shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made. amortization term
The amount required to pay off a mortgage loan at a point in time. annual percentage rate (APR)
The actual finance charge for a loan, including points and loan fees in addition to the stated interest rate. application (1003)
A form used to apply for a mortgage loan. appraisal
A written analysis of the estimated worth of a property on which a mortgage is based. 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. assessed value
The valuation placed on property by a public tax assessor for purposes of taxation. assessment
Value assigned to property by local government for tax purposes. This is not used to determine the fair market value. asset
Anything of monetary value that is owned by an applicant. Assets include but are not limited to bank accounts, stocks, mutual funds, real property and personal property. assignment
The transfer of a mortgage from one party to another. assumable mortgage
A mortgage that can be taken over by the buyer when a home is sold. assumption
The transfer of the seller’s existing mortgage to the buyer. assumption clause
A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property. Usually, the lender reserves the right to approve the buyer assumption fee
The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage. attorney-in-fact
One who holds a power of attorney from another to execute documents on behalf of the grantor of the power. | 
