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Terminology
Here Are Some Helpful Terms Used Throughout The Real Estate,
Mortgage, and Title Processes.
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Impound/Escrows |
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That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. |
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Index |
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A published measure of economic conditions usually relative to other financial instruments such as Treasury notes or Treasury bills. The lender uses a particular index to calculate the interest rate on an adjustable rate mortgage (ARM) by adding a fixed margin to the index. The most common indexes are:
Constant Maturity Treasury (CMT)
Treasury Bill (T-Bill)
12-Month Treasury Average (MTA)
11th District Cost of Funds Index (COFI)
London Inter Bank Offering Rates (LIBOR)
Certificates of Deposit (CD) Indexes
Prime Rate |
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Interest |
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A charge paid for borrowing money. See Mortgage Note |
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Interest Rate Disclosure |
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A description of the conditions applicable to the processing of your loan as well as the terms of your interest rate agreement with the lender. |
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