Glossary
| A B C D E F G H I J L M N O P Q R S T U V W |
| A |
| 3/1, 5/1, 7/1 and 10/1 ARMs |
| Adjustable rate mortgages in which rate is fixed for three year, five year, seven year and 10-year periods, respectively, but may adjust annually after that. |
| Adjustment Date |
| The date that the interest rate changes on an adjustable rate mortgage (ARM). |
| Adjustment Interval |
| On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, typically one, three or five years depending on the index. |
| Adjustment Period |
| The period elapsing between adjustment dates for an adjustable rate mortgage (ARM). |
| Amortization |
| Means loan payment by equal periodic payment calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance. |
| Amortization Term |
| The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed rate mortgage. |
| COFI |
| Adjustable-rate mortgage with rate that adjusts based on a cost-of-funds index, often the 11th District Cost of Funds. |
| Annual percentage rate (A.P.R.) |
| APR is a measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans. |
| Appraisal |
| An estimate of the value of property, made by a qualified professional called an appraiser. |
| Appriased Value |
| An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. |
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