A provision in a loan agreement that allows a lender the right to declare the unpaid balance of a loan due if a borrower misses a payment or commits some other contractual breach.

A mortgage loan with an interest rate that is tied to a economic index and fluctuates with the market.

The timeframe between changes in the interest rate on an ARM (see above). For example, an ARM that changes its rate once per year has a one-year adjustment.

A written signed agreement in which a buyer agrees to buy a specific property and a seller agrees to sell based on certain conditions, including the price and terms of the transaction.

The sum of all finance charges on a loan (interest, loan fees, points) expressed as a yearly rate on the balance of the loan.

Charged to arrange a loan on certain products. Usually applied to loans where a special interest rate applies e.g. fixed or capped rates.

The transfer of ownership of an insurance policy or lease.

The sale of a property to the highest bidder.