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Appreciation: The amount of increase in value that takes place on a property due to real estate trends in the area, home improvements, and other factors that cause the market value of a home to increase.
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Appraisal: The fair market value of a property based on a professional evaluation of real estate trends in the area and amenities of the home.
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APR-Annual Percentage Rate: The percent you are paying for a full year that includes interest on your loan, mortgage insurance costs, and other fees that may be applied depending on your mortgage loan agreement.
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Amortization Schedule: The statement from your mortgage lender that shows you exactly what your monthly mortgage payment is, how much is going toward your principal loan amount, how much is going toward interest, how much is going into your escrow account
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Amortization: The process of paying off your mortgage with payments due every month for a certain amount of years.
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Adjustment Date: The dates at which your adjustable rate mortgage interest rate can change. After the initial fixed rate period is over, the interest rate can usually be adjusted every 6 months.
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ARM-Adjustable Rate Mortgage: A mortgage in which you have a specified amount of time (usually 2 or 3 years) at the beginning of the loan when the interest rate is fixed. After that time period is over, the interest rate fluctuates with the current market
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According to Value: Refers to the value of your home and property upon which your property taxes are based on. Also called “Ad Valorem.”
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Acreage: The amount of land that is being purchased as an empty lot or with a home pre-existing on the property. One acre is equal to 43,560 square feet.
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ACE-Automated Certificate of Eligibility: This system is used by VA-approved lenders in order to help Veterans get the Certificate of Eligibility they need to take part in the VA Home Loan Guarantee Program.
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