. . . "Mortgages are commonly amortized over 15 or 30 years.ANNUAL PERCENTAGE RATE (APR) Back to topThe rate of annual interest charged on a loan.ANNUITY Back to topA sum of money paid at regular intervals, often annually.APPLICATION Back to topA form used to apply for a mortgage loan that details a potential borrowers income, debt, savings and other information used to determine credit worthiness.APPRAI" .