Home Buyer and House Plan Terms and Definitions - Part I
When you start shopping for a new home, you may encounter some words and terms with which you are unfamiliar. The following glossary will help you to be a better informed shopper.
Adjustable Rate Mortgage (ARM) - A loan whose interest rate is adjusted according to movements in the financial market.
Amortization - A payment plan by which a borrower reduces a debt gradually through monthly payments of principal and interest.
Annual Percentage Rate (APR) - The annual cost off credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items.
Appraisal - An evaluation to determine what a piece of property would sell for in the marketplace.
Appreciation - The increase in the value of a property.
Assessment - A tax levied on a property or a value placed on the worth of property by a taxing authority.
Assumption - A transaction allowing the buyer of a home to assume responsibility for an existing loan on the home instead of getting a new loan.
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