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1. Acceleration clause

A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.

2. Acceptance

An offeree’s consent to enter into a contract and be bound by the terms of the offer.

3. Adjustable rate mortgage

A mortgage that permits the lender to adjust its interest rate periodically on the basis of changes in a specified index.

4. Adjustment date

The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

5. Affordability analysis

A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income, liabilities, and available funds, along with the type of mortgage you plan to use, the area where you want to purchase a home, and the closing costs that you might expect to pay.

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