Real Estate Glossary

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There are 8 entries in the glossary.
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Term Definition
AcceptanceA buyer's or seller's agreement to enter into a contract and be bound by the terms of the offer.
 
Additional Principal PaymentA payment made by a borrower of more than the scheduled principal amount due, in order to reduce the outstanding balance on the loan, to save on interest over the life of the loan and/or pay off the loan early.
 
Adjustable Rate Mortgage (ARM)stands for Adjustable Rate Mortgage, also referred to as a Variable Rate Mortgage. They both mean the same thing. An ARM is a mortgage with an interest rate that adjusts periodically to reflect changes in market conditions. Your mortgage payments are adjusted up or down (usually on an annual basis) as the interest rate changes. To protect you in a rising interest market, rate increases are limited (usually 2 percentage points annually; 6 percentage points over the life of the loan).
 
AmenityA 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, etc. Man-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.
 
AmortizationThe gradual repayment of a home loan by periodic installments.
 
Amortization ScheduleA timetable for payment of a home loan. An amortization schedule shows the amount of each payment applied to interest and principal and the remaining balance after each payment is made.
 
Amortization Term (period)The amount of time it takes to pay off the loan. The amortization term is expressed as a number of months. For example, for a 30 year fixed rate loan, the amortization term is 360 months.
 
AmortizeTo repay a loan with regular payments that cover both principal and interest.
 


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