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Glossary

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Acceleration Clause
A term in a mortgage agreement that requires the borrower to pay off the loan immediately under certain conditions.
Accrued Interest
The amount of mortgage interest that has been earned but not yet paid.
Adjustable Rate Mortgage (ARM)
A mortgage with an interest rate that can change during the term of the loan. The timing and calculation of adjustments (also called resets) are determined by the loan program, and these details are disclosed in the mortgage documents.
Adjustment Interval
The time between interest rate adjustments of an adjustable rate mortgage (ARM).
Amount Owed on Trade
If your current car is not paid off, the dealership will look at the amount you currently owe on the car.
Annual Income
This is the combined annual income for you and your co-borrower.
Annual Percentage Rate
The cost of credit, including the interest and fees, expressed as an interest rate. APR was created to make it easier for consumers to compare loans with different rates and costs, and by law it must be disclosed in all advertising.
Appraisal
A written estimate of the value of real or personal property prepared by a qualified appraiser. Mortgage lenders almost always require a property appraisal before approving a home loan.
Assumable Mortgage
A mortgage that may be “taken over” by a qualified third party. Most assumable mortgages are government-backed products like VA, FHA and USDA home loans.
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