Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used mortgage and financing terms with home buyers and sellers.

-Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.

-Affordable housing loan: umbrella term used to cover various loan products targeted to first-time homebuyers.

-Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower