A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related Brickyard terms
- Fixed-Rate MortgageA home loan whose interest rate stays the same for the entire term, keeping your monthly payment predictable.
- MortgageA loan used to buy a home, where the property itself acts as collateral the lender can take if you stop paying.
- Interest RateThe percentage a lender charges you to borrow money, or pays you to keep money deposited, over a set period.
- RefinancingReplacing an existing loan with a new one, usually to get a lower rate, a different term, or a smaller monthly payment.
- Annual Percentage Rate (APR)The full yearly cost of a loan, including the interest rate plus lender fees, giving a truer picture than the rate alone.
Turn this into a brick
Knowing what Adjustable-Rate Mortgage (ARM) means is knowledge — the first half. A brick gets placed when you act on it.
More in Real Estate
Plain-English education — not personalized legal, tax, or investment advice.