Rate/Point Options
Definition of "Rate/Point Options"
All the combinations of interest rate and points that are offered on a particular loan program. On an ARM, rates and points may also vary with the margin and interest rate maximum.
Popular Mortgage Terms
On an ARM, the assumption that the value of the index to which the interest rate is tied does not change from its initial level. ...
A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons, such as poor credit or ...
A loan with no down payment. ...
Standards imposed by lenders as conditions for granting loans, including maximum ratios of housing expense and total expense to income, maximum loan amounts, maximum loan-to-value ...
A borrower who doesn't pay. ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders. ...
The amount of the original loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal. ...
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