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Glossary of mortgage terms

By Marcie Geffner - Credit Karma

There's a lot of jargon involved in getting a mortgage. But all these vocabulary words don't have to be confusing, intimidating or overwhelming. This glossary explains mortgage terms you may encounter and what they mean.
Appraisal. A professional opinion of a property's fair market value, according to a licensed real estate appraiser. The appraiser's opinion is based on the property's location, characteristics and condition as well as recent sales prices of comparable properties.
Adjustable-rate mortgage (ARM). A mortgage that has an interest rate that can change at predetermined times over the lifetime of the loan. Most ARMs have caps that limit when and how much the rate can rise. See Hybrid loan.
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