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Scams preying on struggling homeowners - AZCentral.comValley homeowners facing foreclosure have something else to worry about: Firms and people who offer help but instead steal their money. The Arizona Attorney General's Office and state regulators are receiving a growing number of complaints about ...
Home Refinancing Surge - Week.comStory Updated: Jan 2, 2009 at 5:28 PM CST While not much of the economic news was good last year, there is one move by the federal government that is saving people money. A drop in mortgage rates has homeowners looking to refinance. News 25's Eric ...
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.
View all Terms