mortgages

The absolute bar rule prohibits a creditor who disposes of collateral in a commercially unreasonable manner from obtaining a deficiency judgment. 

For example:

Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years, have a set amount of interest on the loan that does not change. ARMs come in many different forms. The typical ARM has a fixed interest rate for a specific amount of time.

Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate is usually fixed at a discount rate for an initial period before it is reset (or adjusted), according to the parties’ agreement, on a scheduled adjustment date to reflect current market interest rates.

Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.

Alienable means transferable.

• property

An appraisal is the process by which the value of an item or property is determined. This is necessary in a variety of contexts.

To appraise is to determine the value of an object or piece of property. This is done by an expert called an appraiser, the result of this action called an appraisal.

An appraiser is an expert hired to examine an object or piece of property to determine its value. This determination is called an appraisal, and is commonly required for the purchase, sale, or refinancing of real estate or to gain insurance on property or make a claim if insured property is lost or stolen.

To appreciate means to increase in value (the opposite of depreciate). It may also mean: to understand or recognize the value or significance of something or someone.

See also: appreciation.

[Last reviewed in June of 2021 by the Wex Definitions Team]

Appreciation is an increase in an asset’s value, usually due to inflation or other external economic factors (the opposite of depreciation). 

In more common parlance, appreciation may also be recognition or understanding of the value or significance of a person or thing. 

[Last reviewed in June of 2021 by the Wex Definitions Team]