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Word of the Day: Two-Step Mortgage

An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term. Source: Real Estate Abc  Read More →

Word of the Day: Treasury Index

An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury’s daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. Source:... [Read more]

15-year Refinances Gaining in Popularity vs. 30-year Refinances

Mortgage lenders across the nation are seeing a trend of people opting for 15-year refinances instead of 30-year refinances. This is a huge reversal back to the ways of an era when we didn’t want to be in debt. For too long, Americans heard the hotel ballroom pitches about using “other people’s money” (OPM) as a way to get rich through leverage by borrowing, borrowing, borrowing.... [Read more]

Word of the Day: Home Equity Line of Credit

A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount. Source: Real Estate ABC  Read More →