| Abstract (of title) |
A written summary of the title history of a particular piece of real estate. |
| Acceleration Clause |
A provision of a mortgage or note which provides that the entire outstanding balance will become due and payable in the event of default. |
| Appointment Form |
Form usually used when a broker is charging a fee. This is making the client aware of the fee and appointing the broker to do the work on behalf of the client. |
| Adjustable Rate Mortgage (ARM) |
A mortgage in which the interest rate is adjusted periodically, based on the movement of a financial index. |
| Amortise |
To extinguish a debt by periodic payments. |
| Amortisation Period |
The time that it will take to repay a home loan. Usual amortisation period is 25 years. |
| Annual Percentage Rate (APR) |
The annual percentage rate refers to the total cost of the loan, expressed as a yearly rate. |
| Applicant |
The person/s making application to borrow funds. |
| Applicant Fee |
That part of the closing costs pre-paid to the lender at the time of application to cover initial expenses. |
| Appraisal |
A report made by a qualified person as to the value of a property as of a given date. |
