Northeast Funding Services

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Mortgage Glossary – I

Mortgage Glossary – I

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Impound Account 
Also know as Escrow Account.

Index 
An index is a widely published rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to establish the interest rates charged on mortgage loans. For Arm’s, a predetermined margin is added to the index to compute the interest rate adjustment.

Initial Cap 
Consumer safeguard, which limits the amount the interest rate on an adjustable rate mortgage, can change during the first adjustment period.

Initial Rate 
The rate charged during the first interval of an ARM loan.

Interest
Consideration in the form of money paid for the use of money.

Interest Rate Cap
A provision of an ARM limiting how much interest rates may increase per adjustment period. See also Lifetime cap.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Purchase Pre-Qualify

Keep the dream alive by getting pre-qualified before you start looking for a home.

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VA Home Loans

100% Financing may be an option if you're a United States Veteran, Service Member, or not remarried spouse.

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Refinance / Debt Consolidation

Using the equity in your home to payoff other bills or needs is a great option.

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Reverse Mortgages

Stop fighting to stay afloat. Use the reverse mortgage to give you quality of life and eliminate your mortgage payment and other bills.

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Recent Posts

VA home loans for United States veterans offered by Northeast Funding Services

VA Loans: 10 Things To Know About The 100% Mortgage Program

VA Home Loans: A Benefit You’ve Earned

Reverse mortgage loans are provided by Northeast Funding Services

Reverse Mortgage Counseling

Reverse mortgage loans are provided by Northeast Funding Services

Are there different types of reverse mortgages?

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638 E. Point Dr
Gilbert, SC 29054

803-239-4848

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