Accelerated Payments - A payment frequency options which allows the borrower to pay down their mortgage more quickly than if they were to just make regular monthly or semi-monthly payments. Accelerated payments can either be made bi-weekly or weekly.
Amortization - The number of years it takes to repay the entire amount of your mortgage.
Appraisal - A report created by an Appraiser documenting the Appraisers opinion of the market value of a property.
Assessment - The value of your property set by a local municipality used to calculate property taxes.
Assumable Mortgage - A mortgage feature that allows for the mortgage to be taken over by a different person than the original mortgagor.
Blended Mortgage - A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original rates.
Blended Mortgage Payments - Equal or regular mortgage payments, consisting of both a principal and interest component. With each successive payment, the amount applied to interest declines and the amount applied to the principal increases although the total payment amount doesn't change.
Closing - The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from seller to buyer.