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Adjustable Rate-A type of interest rate that changes from time to time based on changes in an index such as the average yield on one year Treasury Bills. Monthly payments can increase or decrease in relation to these average yields.

Amortization-The method of calculation of the principal and interest breakdown of each monthly payment. The amount of interest per month is typically higher early in the life of the loan, and principal higher toward the end of the loan period.

Annual Percentage Rate-The actual cost of credit stated as a percentage. Includes the up-front costs of obtaining the loan, such as any points paid. The APR is most often higher than the note rate of the loan because of the disclosure of these costs, but does not include credit report, title insurance, or appraisal. This rate is required to be disclosed under the Federal Truth In Lending Act, Regulation Z.

Application-A borrower disclosure of personal and financial information on which the loan's documentation will be based.

Application Fee-Fees paid to the lender at the time of application. This fee, when charged, often includes the cost of the appraisal and mortgage credit report.

Appraisal-A detailed analysis of the market value of a property, performed by a licensed appraiser. Required to establish the relationship between value and the dollars being borrowed against that value.

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