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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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Hays home equity loans news:
Financial News
Need to know: A&L takeover ... Aviva protects itself ... Hays shrinks - Times Online
The trade gap in goods stayed at a record level during August, as exports failed to receive a boost from the cheaper pound. July’s trade in goods gap was revised up from £7.6 billion to £8.2 billion, and the deficit remained at this level in ...

Credit crisis' next victim: bankruptcies - Dallas Morning News
Companies seeking bankruptcy protection have a new hurdle, thanks to the credit crunch: finding money to survive the process. The frozen credit markets have choked lending to struggling companies that need loans just to make it through Chapter 11 ...

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