| Term | Definition |
|---|
| application | An initial statement of personal and financial information, which is required to approve your loan. |
| application fee | Fees that are paid upon application. Charges for property appraisal and a credit report are usually included in the application fee. |
| appraisal | A determination of the value of something, such as a house, jewelry or stock. A professional appraiser--a qualified, disinterested expert--makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to covered property before settling insurance claims. |
| appraised value | An estimate of the present worth. |
| appreciation | An increase in value or worth of property. Opposite of depreciation. |
| asking (list) price | The price placed on property for sale. |
| assessor | A local government official who determines the value of the property for taxation purposes. |
| assignee | A person to whom a property right is transferred. For example, an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires. The assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant, including payment of rent. However, the original tenant remains legally responsible if the assignee fails to pay the rent. |
| assignment | A transfer of property rights from one person to another, called the assignee. |
| assumable mortgage | An existing mortgage that can be taken over by the buyer on the same terms given to the original borrower. |
