Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:
Adjustable rate mortgage (ARM) is the term for any mortgage where the interest rate can vary. Some of the adjustable rate mortgages that are available are truly adjustable and vary depending entirely upon the lender’s discretion; others will be linked to some other index such as base rate. Also known as a variable rate mortgage.