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adjustable-rate mortgage (ARM) A mortgage whose interest rate changes periodically based on 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 schedule
A timetable of mortgage payments over the course of a loan that shows how much is applied to both the 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.
