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Financial Glossary


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AcceptanceFormal acknowledgement by the seller of the buyer's offer.
AddendumSupplement to a contract with a proposed change or explanation.
Adjustable-rate mortgage (ARM)Home loan where the interest rate adjusts at regular intervals, according to on an index.
Adjusted gross income (AGI)Total taxable income, minus allowable credits, deductions and exemptions.
AgentIndividual authorized to act on behalf of someone else (often related to insurance).
AggregateCombined total of several balances.
AllowancesAmount the builder allots in the contract for a buyer to select alternate items (e.g., carpet).
Alternative mortgageAny home loan that does not conform to a standard, fixed-rate.
AmenitiesFeatures that enhance property value or appearance (e.g., pool, playground).
AmortizationRepaying debt in periodic payments over a predetermined time.
Amortization scheduleTable detailing how much of a payment applies to principal and interest over the loan's life.
Amortization termAmount of time required to repay a loan, often noted in months.
Amount financedPrincipal loan amount, which is often purchase amount minus prepaid fees and points.
Annual percentage rate (APR)Yearly cost of borrowing, expressed in a standard percentage format.
Annual percentage yield (APY)Dividends earned, including compounding, assuming funds remain in that deposit account for one year.
AnnuityInvestment to fund future fixed payments at regular intervals.
Application feeCharge to process a borrower's request.
AppraisalEstimate of a property's market value.
Appraisal feeCharge for estimating a property's market value.
AppreciationIncrease in asset or property value.
ArbitrationDispute resolution through an impartial third party.
Asking priceAmount seller requests for a property.
Assessed value (assessment)Value of property for tax purposes.
AssetsItem that can be exchanged for cash value.
AuditExamination of accounts or records for accuracy.
Automated Clearing House (ACH)National network that facilitates the transfer of electronic debits and credits.
Automatic paymentRegularly scheduled, authorized withdrawals from a checking or savings account.
Automatic transferRegularly scheduled, authorized movement of money from one account to another.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union