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News about Mortgages:
Rick Emanuel becomes the publisher of Post-Star - Post-StarGLENS FALLS - Lee Enterprises announced Monday that Rick Emanuel has joined The Post-Star as the newspaper's new publisher, effective immediately. Emanuel comes to The Post-Star from The Citizen in Auburn, also a Lee Enterprises newspaper. His wife ...
Two Cents - Citizen OnlineThey had a meeting the other night in Syracuse about the oversized trucks going through the cities. How come no one in Auburn speaks up about this problem -- you just hear from Skaneateles, Aurora. I'll try to explain the parking: On odd days at 6 p ...
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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