An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally, these changes are determined by a margin and an index so that the interest rate changes, up or down, are based on market conditions at the time of the change.
Become a mortgage pro with our mortgage glossary section. clear and concise explanations of the most common mortgage terms help you ensure you can easily understand all of the requirements and benefits of each type of loan.
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Affordability is usually expressed in terms of the maximum price the. It is common for home mortgage transactions to include an escrow.
Glossary of Mortgage Terms. Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Annual Percentage Rate (APR): A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan.
Adjustable-Rate Mortgage (ARM): A mortgage loan with an interest rate subject to change over the term of the loan. The interest rate is tied to the performance of a specified market rate.
Fixed-rate mortgage loans are the most common type of mortgage terms available. With a fixed rate term your interest rate and monthly mortgage payment will.
Here are the common mortgage approval terms you might hear. Appraisal: An estimate of the fair market value of what a home is worth; this is used by lenders to ensure a borrower is requesting an appropriate amount of money. Lenders will only approve a loan amount when a property appraises for the sale price or more than the sale price.
Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in. The most common mortgage terms are 15 years and 30 years.
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While not as common, this type of mortgage typically involves making principal and interest payments for a short period of time without fully paying off the loan. Then a larger-than-usual, one-time payment is due at the end of the loan term to pay off the outstanding principal balance.