Terms with Tag Mortgage Product
- Adjustable-Rate Mortgage (ARM) — Acronym,
- A type of mortgage loan program in which the interest rate and payments may be adjusted as frequently as every month. The principal loan balance or term of the loan may also be adjusted to reflect the rate change. The purpose of the program is to allow mortgage interest rates to fluctuate with market conditions.
➥ A type of variable rate mortgage product. - Cash Back (CB) — Acronym,
- Closed Mortgage — Definition, Important,
- Closed mortgages involve a strict repayment schedule of a specific amount with optional limited lump sum payments and payment increases.
- Graduated Terms Mortgage (GTM) — Acronym, United States, ➥ A US mortgage term.
- Investment Property Mortgage (IPM) — Acronym,
- Low Doc Mortgage (LDM) — Acronym,
- Variable Rate Mortgage (VRM) — Acronym, Very Important,
- Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage."
➥ A type of mortgage loan offered by brokers and lenders.
