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Michigan tries to slow foreclosures - Detroit NewsLANSING -- Scrambling to do something about Michigan's rampant home foreclosure problem before the holidays, Gov. Jennifer Granholm and lawmakers are working on a flurry of bills to ease the squeeze on cash-strapped homeowners. Various measures would ...
House Race Update: Ohio Sup. Ct. to Rule on Franklin County Votes - ABC News BlogsABC News' Teddy Davis and Arnab Datta Report: A federal appeals court ruled Tuesday that the Ohio Supreme Court -- and not a federal district court -- is the proper forum to decide how approximately 1,000 challenged provisional votes should be ...
Michigan Man Charged With Murdering Wife - FOX NewsThirty-five-year-old Jose Olguin was charged Wednesday with open murder and carrying a dangerous weapon with unlawful intent. He remains in custody at the Saginaw County Jail. Olguin is charged with killing his wife, 32-year-old Erica Olguin. Her ...
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