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Letter AAcceleration clause A provision in a mortgage that gives the lender the right to insist payment of the entire main balance if a monthly payment is missed. Additional principal payment A payment by a borrower of more than the scheduled principal amount due in order to diminish the remaining balance on the loan. Adjustable-rate mortgage (ARM) A mortgage that permits the lender to modify its interest rate regularly on the basis of changes in a particular index. Adjusted basis The original cost of a property plus the price of any capital expenditures for improvements to the property minus any depreciation taken. Adjustment date The date on which the interest rate varies for an adjustable-rate mortgage (ARM). Adjustment period The period that intervenes between the adjustment dates for an adjustable-rate mortgage (ARM). Amortize To repay a mortgage with normal payments that cover both principal and interest. Annuity An amount paid annually or at other regular intervals, frequently on a guaranteed dollar basis. Appraised value An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Appraiser An individual qualified by education, training, and experience to calculate approximately 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 rolls The public record of taxable property. Assessor A public official who determines the value of a property for taxation purposes. Assignment The transfer of a mortgage from one individual 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 fee The fee paid to a lender (frequently by the purchaser of real property) consequential 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. |
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