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] how many years the borrower has to repay the mortgage |
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 |