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Today's Mortgage Terms starting with I

Index:

An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.

Initial Rate:

The rate charged for the first interval of an ARM loan.

Interest:

Compensation in the form of money paid for the use of money.

Interest Rate Cap:

Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.

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Charlotte mortgage rates news:

Illinois AG says mortgage lawsuit deal is model - Seattle Post Intelligencer
CHICAGO -- A loan modification program that's part of an $8.7 billion national settlement over deceptive mortgage practices will help tens of thousands of borrowers stay in their homes and could be a national model, Illinois Attorney General Lisa ...

Business Minute: Nervous markets...Chopping rates...British bank ... - Idaho8.com
NEW YORK (AP) - Stock prices have been generally lower again today, although some wild swings have been seen in the key averages. That's after interest rate cuts taken by central banks around the world. WASHINGTON (AP) - Major central banks around ...

Bank of America settles suits over bad mortgages - Washington Post
SPRINGFIELD, Ill. -- Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes. Charlotte, N.C.-based Bank of ...

Madigan: Mortgage settlement is model - Sauk Valley Daily Gazette
CHICAGO (AP) - A loan modification program that's part of an $8.7 billion national settlement over deceptive mortgage practices will help tens of thousands of borrowers stay in their homes and could be a national model, Illinois Attorney General Lisa ...

Countrywide Settles State Consumer Fraud Cases for $8.4 Billion - Bloomberg
Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states. The ...

BofA to pay $8 billion over subprime suit - MSNBC
SPRINGFIELD, Ill. - Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes. Charlotte, N.C.-based Bank of ...

Countrywide Settles Fraud Cases for $8.4 Billion (Update1) - Bloomberg
Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender acquired by Bank of America Corp. in July, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle ...

22,000 Illinoisans Could Benefit From Countrywide Settlement - MSNBC
CHICAGO - Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes. Video: Bank Of America Subsidiary ...

Bank of America deal to help Michiganders, others keep their homes - Detroit Free Press
SPRINGFIELD, Ill. -- Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. has agreed to modify tens of thousands of loans to keep people in 11 states from losing their homes, the office of Illinois Attorney General Lisa Madigan ...

Deal could help up to 57,000 mortgage holders keep their homes - Orlando Sentinel
Up to 57,000 mortgage holders in Florida could be prevented from losing their homes under a deceptive-practices settlement reached with Bank of America Corp. over the weekend, Florida Attorney General Bill McCollum said today. The final details of ...