Tech Support: Mortage Calculator


Interests Rates & Home Ownership Rates




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Definitions of Terms

Mortgage[wikipedia] used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged
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 years allowed to pay back a mortgage 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 interest rate remains fixed for the length of the term