[wikipedia] used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged
[dictionary] The usual way of calculating interest - as a percentage of the sum borrowed.
[mtgprofessor] the number of years the lender has offered the borrower to repay the loan
Adjustable Rate Mortgage
[investopedia] An adjustable-rate mortgage is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan
Fixed Rate Mortgage
[bankrate] A mortgage in which the monthly payment based on interest does not change