Real Estate Terms

7/23 and 5/25 Mortgages: Mortgages with a one-time rate adjustment after seven years and five years, respectively. 3/1, 5/1, 7/1 and 10/1 ARMs: Adjustable-rate mortgages in which the rate is fixed for three-year, five-year, seven-year and 10-year periods, respectively, but may adjust annually after that. Acceleration: The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgager (borrower), or by using the right vested in the due-on-sale clause. decrease over time, based on changes in the ARM?s interest rate index. ARM payments typically are adjusted every six months or once a year.