HELOC EXPERT GLOSSARY

Glossary: A

Browse terms beginning with A and move through the full A–Z home-equity and mortgage glossary.

Terms Starting with A

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A mortgage provision that may allow the lender to require the full unpaid balance after specified defaults or other triggering events.

An electronic payment sent through the Automated Clearing House network, often used for recurring mortgage payments.

An interest rate that can change according to the terms of the loan and its underlying index or formula.

The scheduled repayment of loan principal and interest over time.

A table showing how each scheduled payment is allocated between principal and interest over time.

A recurring yearly charge that may apply to maintaining a HELOC or other credit account.

A standardized measure of borrowing cost that includes interest and certain finance charges, subject to applicable disclosure rules.

A professional opinion of property value used by lenders and others in real-estate transactions.

A lender or investor decision allowing an eligible transaction to proceed without a traditional full appraisal.

The property value concluded by an appraisal.

A security agreement giving a lender specified rights in rental income after defined events, subject to the loan documents and law.

A computer-based method for estimating property value using data and statistical models.

The portion of a credit line that remains available to draw, subject to the account terms and any lender restrictions.