Frost Mortgage Banking Group Glossary of Terms

The public record of taxable property.

The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment.

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

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

A person qualified by education, training, and experience to estimate the value of real property and personal property.

An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

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

A form used to apply for a mortgage loan and to record pertinent information concerning a prospective mortgagor and the proposed security. Lenders use the information on the loan application to evaluate whether or not they can give the loan, and if so, the amount of money they can lend.

An amount paid yearly or at other regular intervals, often on a guaranteed dollar basis.

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

A report sent to the mortgagor (the borrower) each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.

To repay a mortgage with regular payments that cover both principal and interest.

The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.

A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.

Assessment Rolls

Assessment

Assessed Value

Appreciation

Appraiser

Appraised Value

Appraisal

Application

Annuity

Annual Percentage Rate (APR)

Annual Mortgagor Statement

Amortize