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11. Annual percentage rate (APR)

The cost of a mortgage stated as a yearly rate; includes such items as interest, mortgage insurance, and loan origination fee (points).

12. Application

A form used to apply for a mortgage loan and to record pertinent information concerning a prospective mortgagor and the proposed security.

13. Appraisal

A written analysis of the estimated value of a property prepared by a qualified appraiser. Contrast with home inspection.

14. Appreciation

An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.

15. Assessed value

The valuation placed on a property by a public tax assessor for purposes of taxation.

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