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Around the Towns - Scranton TimesMembers of Ambrose Revels American Legion Post 328 presented gifts to veterans of the Gino Merli Veterans’ Center in Scranton, said post member James Murphy. The holiday gifts were presented as part of the post’s commitment to seeing that ...
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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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