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Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Emancipation Proclamation
Adjustable-Rate Mortgage
A type of home loan in which the interest rate can change over time, based on a benchmark or index.
Fixed-Rate Mortgage
A home loan with an interest rate that remains the same for the entire term of the loan, providing predictable monthly payments.
Interest Rate
The amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets.
Mortgagor
The borrower in a mortgage agreement, who pledges property to the lender as security for the loan.
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