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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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Quay home equity loans news:
Financial News
Lehman Toxic Debt Advice Led Leipzig Bank to Ruin Via Dublin - Bloomberg
Oct. 28 (Bloomberg) -- Teachers at the Clara Zetkin Middle School in Freiberg, Germany, were counting on a budget surplus to ease staff shortages across the state of Saxony. Those hopes have faded as a result of bets made by state- owned Landesbank ...

Silencing the analysts - bbc
Oh, and, by the way, the economy shrank last quarter. Doesn't it almost seem like an afterthought after the months of agonising over the economic crisis? Indeed, The Guardian greeted Gordon Brown's concession that Britain was heading for recession ...

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