Definition
Amortization
The schedule by which a loan is repaid to zero over its term using level payments, with the interest and principal split shifting each month.
Nearby terms
Adjustable-Rate Mortgage
A loan whose rate is fixed for an initial period, then adjusts periodically against an index plus a margin, subject to caps.
Adjustment Period
How often an ARM rate resets after the initial fixed period.
Annual Percentage Rate
The interest rate plus certain finance charges expressed as a single annualised percentage.
Appraisal
An independent opinion of a property's market value, prepared by a licensed appraiser and required by nearly every lender.
Ready when you are
See your real numbers before you fall in love with a house.
Live rates, a full cost breakdown, and a pre-approval you can shop with. It takes a few minutes and it does not lock you into anything.
No fee · No obligation · Pre-approval typically under an hour · Call or text 24/7 · NMLS 2705737