Adjustable-rate mortgage (ARM)
A mortgage where the interest rate changes periodically based on the changes in a specified index.

Adjustment date
The date at which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment period
The period-of-time where the adjustment dates for an adjustable-rate mortgage elapses (ARM).

Amenity
A feature of the home or property that serves as a benefit to the buyer not necessary to its use; in example, swimming pool, Jacuzzi, fireplace et cetera.

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 a mortgage loan. The amortization term is expressed as a number of months. In example, for a 36-year fixed-rate mortgage, the amortization term would be 360 months.

Annual percentage rate (APR)
The total cost of a mortgage stated as a yearly rate. It includes the interest, mortgage insurance, and loan origination fee (points).

Application
A form commonly referred to as a 1003 form. It is 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 or certified individual by training, and experience to estimate and approximate the value of real property and personal property.

Appreciation
The increase in the value of a property due to changes in market conditions or other causes. (Antonym depreciation).

Assessor
a government official who is responsible for determining the value of a property for the purpose of taxation.

Asset
Anything of monetary value that is owned by a person. Assets include personal property, real 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.