Adjustable-rate mortgage (ARM)
An adjustable-rate mortgage (ARM) has an interest rate that changes throughout the life of the loan. The initial interest rate is fixed for a set period of time, typically at a lower rate than a fixed-rate mortgage. After that, the interest rate resets periodically—rising or falling in reaction to the market.
Annual percentage rate (APR)
Federal Housing Administration (FHA) loans
Homeowners association (HOA)
Mortgage insurance premium (MIP)
Planned unit development (PUD)
Private mortgage insurance (PMI)