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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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Wichita mortgage rates news:
Financial News
August 2008 - Weblogs.sun-sentinel.com
Here are video reports from Juan Ortega. (He taped Thursday night, so when elections officials refer to tomorrow, they are talking about tonight.) Ortega and Scott Wyman also report that: In an uncommon move, a Broward County administrative manager ...

Higher FHA loan limit opens market - Daily Oklahoman
Oklahoma home buyers got a $70,900 lift Thursday when the federal government temporarily raised the limit on home loans backed by the Federal Housing Administration . In Oklahoma, the limit went from $200,150 to $271,050. With the median-price home ...

Fannie Mae Articles From the web - Wichita Business Journal
Fannie Mae Redemption [Examiner] U.S. agency 2008 note sales calendar [Reuters UK] Wall Street perks up as financials rally [People's Daily] New fees by Fannie Mae may drive mortgage rates higher [Yahoo! Finance] The Risks of Rescuing Borrowers ...

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sources: informars.com, erate.com, Freddie Mac
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