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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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Liberty refinance mortgage news:
Financial News
Building up to a standstill - Philadelphia Business Journal
When Liberty Property Trust decided last month to pull the plug on developing a $55 million headquarters for Advanta Corp. , the move brought to a screeching halt a process that started more than a year ago. It’s a scenario that will likely be ...

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