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Adjustable rate mortgage or ARM - A mortgage where the interest rate adjusts relative to a specified index + margin. E.g. COFI, LIBOR etc.; Hybrid ARM - An adjustable rate mortgage where the initial 'start' rate is fixed for some portion of time (3,5,7, or 10 years) thereafter the interest rate adjusts (yearly or bi-annually) based on the sum of a specified index + margin.
More often than not, you're dealing with terms and conditions on various mortgage types that may be. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
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Endowment mortgage – an interest-only mortgage where the capital is planned to be repaid from the maturity value of one or more endowment policies at the end of the mortgage term. Investment backed mortgage – an interest-only mortgage where the capital is planned to be repaid from the proceeds of an Individual Savings Account (ISA) or other ...
Glossary of mortgage terms you should know. Adjustable-rate mortgage (ARM): An ARM is a type of mortgage that has a variable interest rate, meaning it can change periodically throughout the loan ...
A mortgage is a long-term loan used to buy a house. Mortgages are offered with a variety of loan terms — the length of time to repay the loan — usually between eight and 30 years.
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
Section I: Type of mortgage and terms of loan. The first section of the mortgage application asks you to indicate the type of mortgage you’re seeking, such as conventional or FHA. You’ll then ...