• Amortization:
    Gradual repayment of a debt by periodic installments that cover both principal and interest.
  • Annual percentage rate (APR):
    The effective rate of interest for a loan. The APR reflects all the costs of financing - including points, origination fees, and other finance charges - and is usually higher than the interest rate alone.
  • Appraisal:
    An estimate or opinion of the value of a property by an impartial person skilled in the analysis and valuation of real estate.
  • Appreciation:
    An increase in the value of a property.