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Mortgage Glossary
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Account Statement

Account Statement is a periodic statement of an account held at a financial institution detailing financial transactions, account balances, interest rate changes, and other financial events occurring in a given period of time.

 

Accrued Interest

The interest earned for the period of time that has elapsed since interest was last paid.

 

Acknowledgement of Receipt of Appraisal

Acknowledgement of Receipt of Appraisal is a letter signed by the loan applicants to acknowledge their receipt of the appraisal report or any other written valuation on the date mentioned in the letter.

 

Acknowledgement of Receipt of Good Faith Estimate

Acknowledgement of Receipt of Good Faith Estimate is a letter signed by the loan applicants to acknowledge their receipt of the Good Faith Estimate (GFE) on the date mentioned in the letter.

 
 

Address Discrepancy Letter

Address Discrepancy Letter is a letter of explanation where the borrower clarifies the current residential address and responds to any discrepancy in the address stated in credit report or other documents.

 

Adjustable Rate Mortgage (ARM)

A mortgage loan in which the interest rate adjusts periodically based upon the movements of a pre-determined index or reference rate.

 

Adverse Action Letter

Adverse Action Letter is a notification from the lender to the loan applicant(s) informing them of an adverse action on their loan application, such as decline of a loan application.

 

Affiant

Affiant is the person who prepares and signs an affidavit and affirms to the truthfulness of the statements made in an affidavit.

 

Affidavit

Affidavit is a signed sworn statement made under oath in which the person making the affidavit affirms to the truthfulness of the statements made in the affidavit.

 
 
 
 
 
 
 
 

Alt A Loan

Alt-A Loan is a mortgage loan that carry more default risk than an prime loan and is targeted at borrowers having less than perfect credit.

 

Amortization

Amortization is the process of establishing equal periodic payments such that the payments will pay off the entire principal and interest by the end of the loan term.

 

Amortization Period

The amortization period is the time period during which the entire principal amount will be paid off.

 
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