Agreement of Purchase and Sale - A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).
Amortization Period - The actual number of years it will take to pay back your mortgage loan, or the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 35 years.
Anniversary - Many mortgage products allow you to make payments against the principal on the anniversary of the mortgage.
Appraisal - The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.
Appraisal Value - An estimate of the market value of the property.
Assumability - Allows the buyer to take over the seller's mortgage on the property.
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