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Economic uncertainty means banks may shut down credit lines - News-PressQ: Do you think banks will cut off all equity lines of credit? We have an established equity line set with a major bank. The bank also holds our mortgage. With the economic uncertainty and most of my income coming in the form of a commission, we may ...
Glencoe considers new incentives for good design - Glencoe NewsTwo years after creating a voluntary commission charged at encouraging builders of new and rehabilitated homes to make them fit the style of nearby homes and established neighborhoods, the village of Glencoe may now be looking at new incentives to ...
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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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