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Adjustment Date
The date that the interest rate changes on an adjustable rate mortgage (ARM).
Adjustment Period
The period elapsing between adjustment dates for an adjustable rate mortgage.
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.
Appraised Value
An opinion of a property's fair market value, based on an appraiser's knowl- edge and analysis of the property.
Assessment
A local tax levied against a property for a specific purpose, such as a sewer.
Assumption Fee
The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.
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