15 Years
30 Years

Mortgage Term Glossary
A - D
E - I
J - P
Q - Z
Adjustable-Rate Mortgage Loan (ARM): Loan with an interest rate and monthly payment amounts that may change periodically during the loan term. Most have limits to how often and how much the rate can change.
Amortization: The ongoing repayment of debt in regular installments over a period of time. An amortization schedule shows how much of each payment is going to principal and interest.
Appraisal: A written estimate of a property's current market value prepared by an appraiser.
Closing: Final process which includes the transfer of home ownership, payment from the buyer and lender to the seller, and settling of all final documents.
Down Payment: The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.

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