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Term: The duration of time, in years, of your mortgage contract.
Rate Type: The type of mortgage that determines the interest rate of your loan. Common types are Fixed Rate Mortgages, which have the same interest rate for the duration of the loan, and Adjustable Rate Mortgages (ARM), which have fluctuating interest rates that depend on the market.
Interest Rate: The amount charged by the lender for use of its assets, usually expressed as a percentage of the principal.
Initial Interest Rate: The initial interest rate that is fixed for the duration of the Initial Fixed Rate Period.
Initial APR: The initial APR that is fixed for the duration of the Initial Fixed Rate Period, before adjusting, based on the new interest rate.
Initial Fixed Rate Period: The duration of months in which the interest rate is fixed.&nbsp; The interest rate will adjust after this period.
Adjustment Period: The duration of months after the Initial Fixed Rate Period or a prior Adjustment Period in which the interest rate will adjust again.
Maximum Interest Rate: The maximum capped interest rate that your mortgage can fluctuate to over the life of the loan.

Steve Kanaras
I specialize in purchases and refinances in Montgomery County, Washington, DC area and Northern Virginia.

SECU offers a variety of home loan options, including:
100% financing
Fixed and Adjustable Rate mortgages
FHA and VA loans
HomeReady® loans
Specialty mortgages for medical professionals
Cash-out and bill consolidation refinances
Super Jumbo (to $2 million) purchases and refinances

To discuss all your mortgage options give me a call at 410-804-6857 or click on the "Connect with an Expert" to send me an e-mail.