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Business Calendar - Aurora Beacon NewsBusiness CalendarAurora Beacon News, IL - Jan 7, 2009Investment Management Workshop (Elburn): A trust officer of the Old Second National Bank of Aurora will lead this free workshop from 10 to 11 am at the Old ...
Opening the Door - Aurora Beacon NewsOpening the DoorAurora Beacon News, IL - Dec 17, 2008The business was started by president Rob Wenz out of his home in Elburn, and has become the largest Web service provider in the Fox Valley area. ...
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