Adjustable-rate mortgage
The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates.

 Annual percentage rate
Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay.

 Closing costs
Closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys

 Conventional loans
Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA).

 Fixed-rate mortgage
The monthly principal and interest payments remain the same throughout the life of the loan in FRM loans. The most common mortgage terms are 30 and 15 years.

 Home Equity Loan
A home equity loan is a loan for the difference between the market value of a house and the amount of principal that is left in a current mortgage.

 Lock-in
Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time.

 Overages
Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan.

 Points
Points are fees paid to the lender for the loan.

 Private mortgage insurance
Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan.