The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).

The fee charged by the lender to the borrower for applying for a loan.

An increase in the value of a house due to changes in market conditions or other causes.

An offeree’s consent to enter into a contract and be bound by the terms of the offer.

A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.

Any mortgage that does not have a fixed interest rate and a fixed payment for the term of the loan, or does not amortize to zero at the end of the set term, when required payments are made on time.

A mortgage in which the interest rate is adjusted periodically according to the movement in a pre-selected index.

Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties.

A feature of real property that enhances its attractiveness and increases the occupant’s or user’s satisfaction although the feature is not essential to the property’s use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.

A payment plan, which enables the borrower to reduce his debt gradually through monthly payments of principal.

Reduce a debt by regular payments of both principal and interest.

The total yearly cost of a mortgage stated as a percentage of the loan amount: includes the base interest rate, primary mortgage insurance, and loan origination fee (points)

A form used to apply for a mortgage loan and to record pertinent information concerning a prospective mortgagor and the proposed security.

A professional opinion of the market value of a property.

An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

A person qualified by education, training, and experience to estimate the value of real property and personal property.

The valuation placed upon property by a public tax assessor for purposes of taxation.