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Acceleration Clause
Condition in a mortgage that may require the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage.

Adjustable Rate Mortgage (ARM)
Is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index.

Amortization
Equal periodic payments calculated to pay off the loan at the end of a fixed period, typically 15 or 30 years, including accrued interest on the outstanding balance.

Amortization term
The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed-rate mortgage.

Amortization schedule
A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.

Annual Percentage Rate (APR)
An interest rate reflecting the cost of a loan as a yearly rate. This rate is likely to be higher than the stated note rate on the mortgage, as it takes into account interest, mortgage insurance, loan origination fee (points) and other credit costs. The APR allows borrowers to compare different types of mortgages based on the annual cost for each loan.

Appraisal
Estimate of the value of property by a qualified professional called an "appraiser."

Appraised Value
An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

Assessment
A local tax levied against a property for a specific purpose, such as a sewer or street lights.

Assignment
The transfer of a mortgage from one person to another.