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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- Index
A table showing the yields or interest rates on certain classes of debt. The prime rate is the most common such index, but there are many others. Indexes are commonly used to set the interest rates on adjustable-rate mortgages, home equity lines of credit and variable credit cards.
- Indexed rate
On variable loans, it's the index plus some set margin. If your home equity rate, for example is prime plus 1 and the prime rate is 7.5 percent, your indexed rate is 8.5 percent.
- Interest rate
The rate charged for the use of money, most often expressed as an annualized figure. In consumer loans, it's the rate charged to consumers who want to borrow. In deposits, it's the rate offered by an institution that wants to use consumers' money.
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| National
mortgage rates |
| 11/21/2009 5:01:52 AM
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