mortgage interest rate
61Interest-Only ARM — An adjustable rate mortgage (ARM) with an initial interest only payment period. During the interest only period, only the calculated interest must be paid; no principal must be repaid. The length of the interest only period varies with each… …
62rate — {{Roman}}I.{{/Roman}} noun 1 speed/frequency ADJECTIVE ▪ constant, expected, regular, steady, unchanged ▪ slow ▪ the slow rate of change …
63Interest sensitivity gap — The interest sensitivity gap was one of the first techniques used in asset liability management to manage interest rate risk. The use of this technique was initiated in the middle 1970s in the United States when rising interest rates in 1975 1976 …
64mortgage — noun ADJECTIVE ▪ big, huge ▪ small ▪ cheap ▪ Banks often offer their employees cheap mortgages. ▪ endowment (BrE) …
65Mortgage-Backed Note — A type of promissory note that is associated with a particular mortgage loan. Mortgage backed notes represent the legal promise to repay a mortgage loan. These notes specify the terms of the loan, including the amount of interest and principal… …
66Mortgage Excess Servicing — The percentage of the monthly cash flow that remains after the cash flow has been divided into a coupon and principal payment for the mortgage backed securities (MBS) holder. This servicing fee typically goes to the servicer of the loan, and is… …
67Mortgage Rate Lock — An agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing market interest rate. The lender may charge a lock fee, which the borrower must pay if …
68Mortgage Fallout — A term used to describe the percentage of loans that do not close in a mortgage originator s pipeline. Mortgage originators adjust the fallout assumptions used in their hedge ratios as interest rates change relative to the loans they have in… …
69rate — rate1 W1S1 [reıt] n ▬▬▬▬▬▬▬ 1¦(number)¦ 2¦(money)¦ 3¦(speed)¦ 4 at any rate 5 at this rate 6 first rate/second rate/third rate 7 at a rate of knots 8 rates ▬▬▬▬▬▬▬ [Date: 1400 1500; …
70Mortgage Accelerator — A type of mortgage loan program popular in the United Kingdom and Australia that resembles the combination of a home equity loan and a checking account. Borrowers paychecks are deposited directly into the mortgage account and the mortgage balance …
