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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Bee home equity loans news:

Money-saving game could make you a million - Modesto Bee
Q: We were making good money but our business has slowed down and we're having challenges not spending more than we make. What are some cost-cutting ideas for us? -- H.S., California A: Personal cash-flow management and managing your spending habits ...

Home prices a first-time buyer's dream - Modesto Bee
Plummeting home prices are wondeful if you want to get into the market, or if you're a speculator want to make a profit. (Debbie Noda/The Modesto Bee) At least that's great news for people buying homes. New statistics show home affordability has ...

November 2008 (25) - Sacramento Bee
The Sacramento-area housing market did it again. Thanks to continually falling prices and a large supply of bank repos, sales held strong in October. That makes it a seventh month in which sales in the region have been stronger than the same time ...

Register for FREE - Wall Street Journal
Please register to gain free access to WSJ tools. An account already exists for the email address entered. Great financial slapfights in history: Aaron Burr and Alexander Hamilton. J.P. Morgan and William Jennings Bryan . And now, AIG CEO Edward ...

G20: Good and bad for UK - bbc
Barack Obama said last night that he would do "whatever it takes" to "avoid a deepening recession" and that "we shouldn't worry about the deficit next year or even the year after." This commitment to pull out all the fiscal stops to avoid a slump, in ...

Radio Address by President Bush to the Nation - Marketwatch
WASHINGTON, Oct 18, 2008 /PRNewswire-USNewswire via COMTEX/ -- The following is a transcript of the weekly radio address by President Bush to the nation: THE PRESIDENT: Good morning. Our Nation is dealing with a serious financial crisis. Over the ...

Is worst over for Sacramento's housing market? Experts wonder - Sacramento Bee
Inventories of unsold homes have dwindled, buyers are prowling for deals, and the credit crunch appears to be improving. Some experts see the rash of foreclosures easing off. And, for good measure, the Federal Reserve on Wednesday slashed interest ...

Gas price drop not such a relief amid capital-region slump - Sacramento Bee
Gasoline prices have fallen $1 in a month and more than $2 since the all-time high in June. Californians are collectively saving billions at the pump, cash that would have generated fresh legs for the economy in better times. But motorists aren't ...

Borrowers get a lifeline - Modesto Bee
The Sacramento Bee There may be a way out of trouble, after all, for thousands of Northern San Joaquin Valley borrowers struggling with risky housing-boom mortgages from Countrywide Financial Corp. A legal settlement announced Monday by Countrywide's ...

Owners seek lifeline to save homes - Modesto Bee
As they stood in line for Saturday's foreclosure workshop at Modesto Centre Plaza, couple Frank Lewis and Christina Crick had loan documents, financial statements and optimism. With their Merced home's loan resetting Tuesday, they said, optimism is ...