| Term | Definition |
|---|---|
| adjustable-rate mortgage (ARM) |
A mortgage that changes interest rate periodically based upon the 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) |
| amortization |
The repayment of a mortgage loan by installments with regular payments to cover the principal and interest. |
| 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. |
| application |
A form, commonly referred to as a 1003 form, used to apply for a mortgage and to provide information regarding a prospective mortgagor and the proposed security. |
| appraisal |
A written analysis of the estimated value of a property prepared by a qualified appraiser. |
| 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 property due to changes in market conditions or other causes. The opposite of depreciation. |
| 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). |
| assignment |
The transfer of a mortgage from one person to another. |
| assumable mortgage |
A mortgage that can be taken over ("assumed") 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. |
| assumption fee |
The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage. |
| balance sheet |
A financial statement that shows assets, liabilities, and net worth as of a specific date. |
| balloon mortgage |
A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term. |
| balloon payment |
The final lump sum payment that is made at the maturity date of a balloon mortgage. |
| bankrupt |
A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee. |
| bankruptcy |
A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee. |
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Florida 32503
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Florida 32566
