A

ACCELERATION CLAUSE

A mortgage clause that allows the lender to call the entire balance due and payable immediately in the event of a default by borrower

ACCEPTANCE

Consent to an offer
to enter into contract

AMENITY

A feature of the home or property
that serves as a benefit to the buyer
but that is not necessary to its use

NATURAL AMENITIES
Oceanfront • Waterfront

MAN-MADE AMENITIES
Swimming Pool • Tennis Courts
Clubhouse • Garden

AMORTIZATION

Repayment of a mortgage loan through monthly installments of principal and interest;
the monthly payment amount is based on a schedule that will allow you
to own your home at the end of a specific time period (for example, 15 or 30 years)

AMORTIZED LOAN

A loan that is paid off
in equal installments
during its term

APPLICATION

The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process

APPRAISAL

A document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property

A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate

APPRECIATION

An increase
in the value of
a property

ASSESSMENT

A tax levied on a property or a value placed on the worth of a property by a taxing authority

ASSESSOR

A government official who is responsible for determining the value of a property for the purpose of taxation

ASSUMPTION

A transaction allowing the buyer to assume responsibility for an existing loan instead of originating a new loan