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Glossary

Mortgage[wikipedia] a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Interest Rate[dictionary] the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Term[mtgprofessor] the number of years the lender has offered the borrower to repay the loan
Adjustable Rate Mortgage[investopedia] An adjustable-rate mortgage is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan
Fixed Rate Mortgage[bankrate] A mortgage in which the monthly payment based on interest does not change

Interests Rates & Home Ownership Rates

mortgage definitions finance reference


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