The period of time that is required and agreed upon to repay (amortize) an entire mortgage loan.
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Average annual yield (AAY)
The average yield per year over the life or term of the investment, assuming all principal and interest remain on deposit until maturity.
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Automatic payment
An agreement giving authorization to various company’s or lenders to make specified withdrawals from a person’s bank account to make payments towards bills or loans.
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Assumption fee
Lenders will charge a fee to update mortgage records when a buyer assumes an existing mortgage from the seller.
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Assumption clause
A provision in a mortgage contract that enables the buyer to assume or take responsibility for the existing mortgage loan from the seller.
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Assumable Mortgage
An Assumable Mortgage is an existing mortgage that can be taken over or “assumed” by the buyer from the seller when a property is sold.
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Approval
An assessment or judgment made by a lender regarding the ability of a borrower to repay a mortgage loan.
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Appreciation
Appreciation refers to the increase in the value of a property or item over time.
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Appraiser
A person who is qualified by education, training, and work experience to estimate the value of real and personal property.
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Appraised value
An educated opinion or estimate regarding the value (monetary worth) of a property.
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