Web Tech Support: Mortgage Calc


Interests Rates & Home Ownership Rates




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Definitions of Terms

Mortgage[wikipedia] an agreement that allows you to borrow money from a bank or similar organization by offering something of value, esp. in order to buy a house or apartment, or the amount of money itself
Interest Rate[dictionary] the interest percent that a bank or other financial company charges you when you borrow money, or the interest percent it pays you when you keep money in an account
Term[mtgprofessor] the number of years to pay back the loan
Adjustable Rate Mortgage[investopedia] A mortgage on which the interest rate, after an initial period, can be changed by the lender.
Fixed Rate Mortgage[bankrate] A mortgage in which the interest rate does not change throughout the term