Mortgage Glossary

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Amortization

Repayment of loan by installment payments. As the payments are made, the debt is reduced so that at the end of fixed period or term, no money will be owed.

Appraisal

A report made by a qualified person as to the value of a property as of a given date.

APR (Annual Percentage Rate)

The annual percentage rate refers to the total cost of the loan, expressed as a yearly rate.

ARM (Adjustable Rate Mortgage)

A mortgage in which the interest rate is adjusted periodically, based on the movement of a financial index.