Answer:
balloon payment: large payment due at the end of the loan period
closing costs: fees associated with taking out a mortgage
down payment: initial cash payment
fixed rate: interest rate that does not change
LTV: Loan To Value
mortgage: a loan based on the value of the real estate it is used to purchase
prepayment penalties: fees required if loan is paid off before the end of its original term
variable rate: interest rate tied to an index that may change
