➡️ 1003 (Uniform Residential Loan Application)
This is the standard loan application form used by lenders across the country. It collects your financial, employment, and personal details to determine if you qualify for a mortgage. Think of it as the blueprint that lenders use to build your approval file.

➡️ Acquisition and Development Loan (A & D Loan)
A special type of loan used to purchase raw land with the goal of developing it. Builders and developers often use this to prepare land for future construction. It’s not a typical home loan—it’s designed for bigger projects.

➡️ Abstract of Title
A written record showing the history of ownership of a property. It includes transfers, sales, claims, and anything that affects who legally owns the land. This helps confirm there aren’t hidden issues tied to the property.

➡️ Acceleration Clause
A clause in your mortgage that lets the lender demand full repayment immediately if you default. Instead of waiting 30 years, they can call the entire balance due at once if you break the loan agreement.

➡️ Acknowledgment
When a notary verifies the identity of the person signing a legal document. It’s their way of certifying, “Yes, this person is who they say they are.”

➡️ Adjustable-Rate Mortgage (ARM)
A mortgage where the interest rate changes after a set period. It usually starts lower than a fixed-rate mortgage but can adjust up or down based on the market. It’s sometimes called a variable-rate mortgage.

➡️ Adjustment Interval
This is how often your ARM can change. Common adjustment periods are every 1, 3, or 5 years, depending on your loan terms.

➡️ Affidavit
A written statement that someone swears is true, usually signed and notarized. Lenders often request affidavits to confirm facts about your finances or property.

➡️ American Land Title Association (ALTA)
A national organization of title companies that standardizes title insurance coverage and forms. They help make sure rules are consistent across the country.

➡️Amortization
The process of paying off your loan through regular monthly payments that cover both principal and interest. At first, most of your payment goes toward interest, but over time, more goes toward reducing your loan balance.

➡️ Annual Percentage Rate (APR)
The true cost of borrowing money, shown as a yearly percentage. Unlike the interest rate, APR includes fees and other loan costs. It’s a better way to compare loan offers side by side.

➡️ Appraisal
An independent professional’s estimate of a property’s value. Lenders require this to make sure the home you’re buying is worth the loan amount.

➡️ Assumption
When a buyer takes over a seller’s existing mortgage instead of getting a new loan. The lender has to approve it, and not all loans allow assumptions.