The Savvy Homeowner’s Glossary
February 28, 2011
45 Indispensable Words Every Homeowner Should Know and Understand 1. Adjustable Rate Mortgage (ARM): A mortgage interest rate that changes based on an index over time. 2. Agreement of Sale: A sale contract. 3. Amortization Schedule: A schedule showing how the monthly mortgage payment is applied to the principal, interest, and the current mortgage balance. 4. Appraisal: An evaluation of homes within the surrounding area to determine the market value of the property. 5. Appreciation: An increase in the value of property. 6. Borrower: The...