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Mortgage Glossary
Amortization -
The repayment of a loan in a specified number of equal payments that includes principal and accrued interest.
Annual Percentage Rate (APR)
The annual cost of a loan, including interest, loan fees, and other costs.
Appraisal
An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
Assessed Value
The value of a property for tax purposes set by a tax assessor according to a formula.
Bridge Loan
A second mortgage that holds as collateral other property owned by the applicant and currently offered for sale. The agreement allows the proceeds to be used for closing on the new purchase before the property is sold.
Closing Costs
The miscellaneous expenses, over and above the purchase price, involved in closing a real estate transaction. Some of the closing costs include title insurance, appraisal fee, and credit report.
REALTOR® -- A Registered
collective membership mark that identifies a real estate
professional who is a member of the National
Association of REALTORS® and subscribes
to its strict Code of Ethics. Inquiries regarding the Code
of Ethics should be directed to the board in
which a REALTOR® holds membership.
