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A B C D E F G I J L M N O P R S T U V Y

Administration/Application Fee.

Is the fee you pay at the time you submit your application to secure a mortgage. This fee covers the cost of processing the application and performing a credit check; it can include an upfront appraisal, as well.

Annual Percentage Rate (APR)

APR measures how much a loan or other line of credit costs you in interest over one year, and it is expressed as a percentage of the total amount of money that you borrow.

Applicant

The person(s) applying for a property to potentially buy.

Appreciation

The increase in value of an asset over time.

Arrangement Fees

According to the Financial Services Authority (FSA), an arrangement fee is a commitment or administration fee usually payable to the lender to reserve the mortgage funds.

Asset

Any item of economic value owned by an individual or corporation, especially that which could be converted to cash.

Auction

The process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder.

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