Homeowner Education

An assumable mortgage is a home loan that a buyer can take over from a seller, generally with lender approval. The buyer agrees to make

An assumption clause is a provision in a mortgage contract that allows the homebuyer to take over the loan from the seller. It occurs when

Amortization is the process of paying off debt with regular payments made over time. The fixed payments cover both the principal and the interest on

Annual percentage rate, or APR, is a way of measuring the full cost a lender charges per year for funds. Typically associated with mortgages, loans

An adjustable-rate mortgage, or ARM, is a mortgage with an interest rate that can be increased or decreased from time to time, depending on various

A 7/1 ARM is an adjustable-rate mortgage that carries a fixed interest rate for the first seven years of its term, along with fixed principal

An 80/10/10 loan is a mortgage product that combines a first mortgage, a home equity loan (also referred to as a second mortgage), and a

A 5/1 adjustable-rate mortgage, or ARM, is a mortgage loan that has a fixed rate for the first five years, and then switches to an