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adjustable-rate mortgage (ARM)
A mortgage that changes interest rate periodically based upon the changes in a specified index.
adjustment date
The date on which the interest rate changes for an adjustable-rate mortgage (ARM).
adjustment period
The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).
amortization
The repayment of a mortgage loan by installments with regular payments to cover the principal and interest.
amortization term
The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.
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