| 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] 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 |
