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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. View all Terms

Long mortgage loan news:

Fed focuses on consumer and corporate rates - Gulf News
New York: Federal Reserve officials are focused on driving down the spreads between US Treasury yields and consumer and corporate loans, after cutting the main interest rate to almost zero failed to revive lending. Credit costs for households and ...

Loan modifiers accused of bilking homeowners - Atlanta Journal Constitution
Washington —- A growing industry has emerged to take advantage of the unprecedented wave of foreclosures, charging distressed homeowners for help negotiating better loan terms —- a service provided for free or for a nominal fee by many nonprofits ...

Treasury's 'guidelines' hint at more bank rescues - The Washington Times
The Treasury has quietly opened the door to more bailouts of major banks like Citigroup that the department deems too big to fail, exposing taxpayers to potentially large losses on the banks' souring loan portfolios. In a little-noticed move on ...

Paulson says changes needed at Fannie, Freddie - BusinessWeek
Treasury Secretary Henry Paulson on Wednesday said the best option for the future of Fannie Mae and Freddie Mac could be for the mortgage giants to be run like public utilities. In what could be his last speech as Treasury secretary, Paulson said ...

Mortgage rates fall for 9th week in row - Nashville Tennessean
WASHINGTON — Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring. With the Federal Reserve on the verge of pouring hundreds of billions of dollars ...

GM collects federal loan money - Detroit News
DETROIT -- General Motors Corp. closed on a $4 billion loan from the U.S. Treasury Department late Wednesday, a cash infusion that will prevent the automaker's imminent financial collapse after a dramatic sales decline and cash crunch this year. The ...

Mortgage applications remain at 5-year peak - Minneapolis Star Tribune
WASHINGTON - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of lower rates and rushed to refinance their homes. While low rates are a great opportunity for borrowers with solid ...

Great Wolf still in talks over Ohio resort mortgage - Milwaukee Business Journal
Indoor water park resort owner Great Wolf Resorts Inc. said late Monday that it has not yet reached an agreement with its lender to extend a $76.8 million nonrecourse mortgage loan for its Mason, Ohio, resort property beyond the loan's Dec. 30 ...

UPDATE 1-US Treasury: Low confidence blunts TARP loan impact - Reuters
WASHINGTON, Dec 31 (Reuters) - The U.S. Treasury said on Wednesday its $700 billion bailout program has stemmed a series of financial institution failures, but low economic confidence was blunting the delivery of new loans spurred by bank capital ...

Don't miss the refi window - Bellingham Herald
CHICAGO - Lured by low mortgage rates, many homeowners have been rushing to refinance. Interest is gaining for good reason: Eligible borrowers can lock in rates that haven't been this attractive in decades. "With interest rates hovering around 5 ...