Mortgage | [wikipedia] a conveyance of an interest in property as security for the repayment of money borrowed. |
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 years allowed to pay back a mortgage loan |
Adjustable Rate Mortgage | [investopedia] a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets |
Fixed Rate Mortgage | [bankrate] A mortgage in which the monthly payment based on interest does not change |