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. The APR reflects the cost of your mortgage loan as a yearly rate.

Loan Constant Vs Interest Rate Towards a transparent home loan – home loans were sanctioned on fixed interest rates for the entire repayment tenure, normally extending up to 15 years. Once the loan was disbursed, emis (equated monthly instalments) remained constant.

When shopping for a mortgage in Windsor just the terminology alone can make your head spin. It’s enough to make you throw your hands up in the air and shout, "forget it, I’m renting forever." Diane Bertolin and staff understand the frustration. Most homeowners are flustered by the dictionary of mortgage terms when they search for their first home too so there’s no need to stress.

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Mortgage Rates Definition or even what the definition of a ‘mortgage term’ was. With this much confusion around basic mortgage terms, it’s unsurprising that Canadians are uncomfortable negotiating their own mortgage rates..

A glossary of personal finance terms you need to know. Discover the definition of financial words and phrases

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Memorize the most important mortgage terminology with this handy mortgage glossary. common mortgage terminology to master 1. Adjustable-rate mortgage (ARM) On some home loans, the interest rate you pay is subject to change. If your mortgage rates are adjusted based on changing market conditions, you have an adjustable-rate mortgage.

The most common mortgage terms COMMON MORTGAGE TERMS AND ACRONYMS. Adjustable Rate Mortgage: An adjustable rate mortgage, known as an ARM, is a mortgage that has a fixed rate of interest for only a set period of time, typically one, three or five years. During the initial period the interest rate is lower, and after that period it will adjust based on an index.

Common Mortgage Terms Be in the know when entering the home buying process. There are a lot of unfamiliar terms that get tossed around during the mortgage process. But don’t worry, we’ve put together this glossary to help you get a better grasp of any terms that may be less than clear.