Online Technical Support: CT Loan Calculator

Interests Rates & Home Ownership Rates

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Glossary of Terms

Mortgage[wikipedia] an agreement that allows you to borrow money from a bank or similar organization by offering something of value, esp. in order to buy a house or apartment, or the amount of money itself
Interest Rate[dictionary] The usual way of calculating interest - as a percentage of the sum borrowed.
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 does not change throughout the term