Amortization gloss

Application Fee - Fees charged by lender at loan closing to cover initial the costs of processing a loan application, often including.

Appraisal - A written estimate of a property’s current market value, based on recent sales information for similar properties, the condition of the property and the neighborhood’s impact on future property value.

Appraisal Fee - A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.

APR - See Annual Percentage Rate.

ARM - See Adjustable Rate Mortgage.

Assessment – A local tax levied against a property for a specific purpose, such as road or sidewalk construction or sewer or street light installation.

Assignment - The transfer of property rights by one person, the assignor, to another, the assignee.

Assumability – A loan feature that allows the loan to be transferred to the new purchaser of a home. Assumable mortgages can help attract buyers since assumption of a loan requires fees and/or qualifying standards lower than a new loan.

Assumption - Agreement between buyer and seller for the buyer to take over the payments on an existing mortgage.