Glossary - A
Amortization
A payment plan by which a loan is reduced through monthly payments of principal and interest.
Annual Percentage Rate (APR)
Annual cost of credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items.
Appraisal
An expert valuation of property.
Architect
One who has completed a course of study in building and design, and is licensed by the state as an architect. One who draws up plans.
Assessment
A tax levied on a property, or a value placed on the worth of a property.
Assumption
Allows a buyer to assume responsibility for an existing loan instead of getting a new loan.
