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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Wilson mortgage loans news:

2009: Ultimate year for housing affordability? - Manteca Bulletin
He was making $4.50 an hour. The down payment of just under $2,000 included closing costs for the 1,400-square-foot three-bedroom two-bathroom home he bought in Livermore as a 19-year-old for $27,900. The down payment came from after school jobs and ...

Mortgage crisis here may be worse than reported - Buffalo News
Dorothy Gary never lost her home, but the senior citizen’s oversized 24 percent mortgage rate brought her awfully, awfully close. Gary got help, but only after learning that seven years of uninterrupted monthly payments had barely made a dent in ...

As mortgage rates slide, refinancing applications take off - Dallas Morning News
The holidays can be slow in the mortgage business as consumers take a break to celebrate. But at Gary Akright's Addison mortgage office, the phone is ringing off the wall. The lowest loan interest rates in more than a generation have prompted ...

NY begins purchasing mortgage securities - ninemsn
The Federal Reserve Bank of New York says it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market. The program, initially announced November 25, allows the Fed to spend $US500 billion ($A702.05 billion ...

Mortgage crisis spurs tougher rules for brokers - Buffalo News
Becoming a mortgage broker in Indiana used to be easy. Too easy. There were no background checks to weed out people convicted of financial crimes, no tests to see whether brokers actually took required classes and understood the complex mortgage ...

Dingell: I will hold automakers more accountable - Detroit News
The American people expect a lot of this Congress, and I plan to lead a proper response. Our economy needs more than a stimulus, it needs a reboot. We must see that military and diplomatic efforts get clarity and direction. We must solve our energy ...

BB&T has a new boss: Kelly King takes wheel as CEO - TradingMarkets.com
King, 60, succeeded John Allison, BB&T's chief executive officer for 19 years, who retired as of Dec. 31. Allison continues as chairman of the board through the end of 2009. Danny Daniels of Wilson, regional president, believes the King era will mesh ...

Programs helped Tri-Cities keep low foreclosure rate - Johnson City Press
So where did it all go wrong in the affordable housing world, and how has the Tri-Cities managed to avoid the fate of so many communities battered by foreclosures and dropping values? Johnson City’s community development director, Steve Baldwin ...

Economic stimulus remains Congress’ top priority - Ironton Online
During the holiday season, I heard from some who say it’s hard to be upbeat when times are so tough. Still, I believe it is to important look forward, work hard and remain hopeful. With that in mind, I’m pleased that the Administration came ...

Phoenixville Homes helping those who need a chance - Phoenixville News
PHOENIXVILLE — After some renovations and updating, Phoenixville Homes has a one-floor, two-bedroom house at 412 South Street available to purchase for first-time home buyers. According to Steve Kambic, executive director, Phoenixville Homes is ...