Family Opportunity Mortgage: Buy a Home for Family
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Key terms
- MortgageA loan used to purchase real estate where the property serves as collateral. The borrower makes regular payments over a set term (typically 15-30 years) until the loan is paid off.
- Fixed-Rate MortgageA mortgage where the interest rate remains constant throughout the loan term, providing predictable monthly payments. Most common terms are 15 and 30 years.
- Home EquityThe portion of your home that you truly own, calculated as the property's market value minus what you owe on your mortgage. Builds over time through mortgage payments and property appreciation.
- Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that adjusts periodically based on market conditions. Initial rates are typically lower than fixed-rate mortgages but can increase over time.
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