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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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Canyon mortgage loan news:
Consider student loans before refinancing home - Palm Beach InteractiveDear Liz: We owe $127,000 on a home that's currently worth more than $300,000. We have a daughter entering college in fall 2010. Her first year will be paid through an education account, her second through some of our savings. Years 3 and 4 are less ...
When at risk of losing home, seek counseling - Los Angeles TimesDear Liz: My daughter and her husband bought a house 18 months ago with financial help from his mother, who moved in with them and helped make the payments initially. The mother-in-law then found love, got married and moved out. My daughter lost her ...
Aguirre's Departure Could Clear Way for Borrowing - Voiceof San DiegoMonday, Jan. 5, 2009 | With a new city attorney at the helm, San Diego city officials hope they can move forward on backlogged infrastructure improvements halted when ex-City Attorney Mike Aguirre refused to sign off on a complex plan to borrow more ...
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