The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower), or by using the right vested in the Due-on-Sale Clause. This latter is, of course, the opposite of the Santa Claus.

A payment made by a borrower of more than the scheduled principal amount due. You might do this if you want to more quickly reduce the remaining balance owed.

A mortgage in which the interest rate is adjusted periodically based on a preselected index. Also sometimes known as the renegotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage. The Canadian rollover is not to be confused with the flying scissors kick, the body slam, or the half-nelson, which are wrestling terms.

The original cost of a property, plus the value of any capital expenditures for improvements, minus any depreciation.

The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment -- typically one, three or five years, depending on the index.

A detailed analysis of your ability to buy a home. This includes your income, holdings, and debts. It may also include the type of mortgage you plan to use, the location of the home, and your closing costs.

A nice feature of the house, but something which isn't crucial to the house's very existence. A roof, for instance, is not an amenity; it's a necessity. An amenity might be a lovely view of the sunset over the ocean, or a swimming pool or tennis court.

The period of time during which you will owe interest and principal to your lender.

Regular loan payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.