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Adjustable rate mortgage (ARM)
Is a mortgage in which the interest rate is adjusted
periodically based on a preselected index. Also sometimes known
as the renegotiable rate mortgage, the variable rate mortgage or
the Canadian rollover mortgage.
Means loan payment by equal periodic payment calculated to
pay off the debt at the end of a fixed period, including accrued
interest on the outstanding balance.
Annual percentage rate (A.P.R.)
APR is a measurement of the full cost of a loan including
interest and loan fees expressed as a yearly percentage rate.
Because all lenders apply the same rules in calculating the
annual percentage rate, it provides consumers with a good basis
for comparing the cost of loans.
A local tax levied against a property for a specific purpose,
such as a sewer or street lights.