Mortgage Glossary – Page 18

Acceptance loans mortgage terminology definition

Acceptance: After you make an offer on a home and the seller accepts, a purchase agreement stating the purchase price and other terms of sale is drawn up and earnest money is put on the home.

Acceleration Clause loans mortgage terminology definition

Acceleration Clause: This is written into mortgage contracts in case you miss a payment and go into default with your loan. If this happens, the lender can demand full payment of the balance due on your mortgage.