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Despite Drop in Oil, Americans Seal Up for Winter - CNBCWhen crude oil prices climbed to a record $147.27 a barrel this summer, many Americans -- their thoughts turning to winter heating bills -- rushed to line their homes with insulation and replace drafty windows. Now, with the U.S. economy in tatters ...
Black Friday shoppers spend -- with caution - Los Angeles TimesConsumers carted out flat-screen TVs, loaded up on the latest Elmo toys and raced to grab designer shoes Friday as retailers across the country anxiously held their breath. It was the traditional start of the holiday shopping season, complete with ...
Even in a recession, some Northeast Ohio businesses poised to do well - Cleveland Plain Dealer BlogIf economists were artists, they might render battered Greater Cleveland -- and most of the nation -- in sepia tones, like snapshots from the 1930s. But even they would see brightly colored spots among the drab. Though money worries, job loss and ...
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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