Definition
Annual Percentage Rate
The interest rate plus certain finance charges expressed as a single annualised percentage. Useful as a flag for upfront costs; misleading when compared across different loan types or holding periods.
Nearby terms
Adjustment Period
How often an ARM rate resets after the initial fixed period.
Amortization
The schedule by which a loan is repaid to zero over its term using level payments, with the interest and principal split shifting each month.
Appraisal
An independent opinion of a property's market value, prepared by a licensed appraiser and required by nearly every lender.
Appraisal Contingency
A contract clause allowing the buyer to renegotiate or withdraw if the property appraises below the contract price.
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