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Glossary of Terms > A > APPRAISAL

APPRAISAL

A written assessment of the suggested price, or value of a property, based on an analysis of comparable sales of similar homes in the vicinity. The appraised value is really only an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, the appraisal usually comes out to about the purchase price.

A Terms

ACCELERATION CLAUSE

ADJUSTABLE-RATE MORTGAGE (ARM)

ALT-A MORTGAGE

AMORTIZATION

ANNUAL PERCENTAGE RATE (APR)

APPLICATION

APPRAISAL

APPRAISER

APPRECIATION

ASKING PRICE

ASSESSMENT

ASSETS

ASSIGNMENT

ASSUMABLE MORTGAGE

ASSUMPTION