5 Mortgage Terms You Need to Understand Before Applying for a Home Loan

5 Mortgage Terms You Need to Understand Before Applying for a Home Loan

Not only do you have to provide a fair amount of financial data for mortgage lenders to review, but you may also come across a number of terms you don't quite understand. With a fixed-rate mortgage, the interest rate you pay on your home loan will stay the same until your mortgage is paid off. An adjustable-rate mortgage (ARM) is a home loan whose interest rate can change over time.