Mortgage | [wikipedia] an agreement that allows you to borrow money from a bank or similar organization by offering something of value, esp. in order to buy a house or apartment, or the amount of money itself |
Interest Rate | [dictionary] The percentage of a loan that is charged as interest by the lender to the borrower, expressed as an APR (annual percentage rate) of the remaining loan |
Term | [mtgprofessor] the number of years to pay back the loan |
Adjustable Rate Mortgage | [investopedia] A mortgage on which the interest rate, after an initial period, can be changed by the lender. |
Fixed Rate Mortgage | [bankrate] A mortgage in which the interest rate remains fixed for the length of the term |