Life Of Loan Cap
An upper limit on the interest rate that can be charged in a variable rate mortgage over its life. For example, a variable rate loan is initially offered at 7% loan rate, and its interest rates can be adjusted every three months up to a loan cap of 11%, or 400 basis points.
Popular Real Estate Terms
The definition of acoustical materials is a wide range of materials that are used in construction or technology to provide soundproofing. There are different types of acoustic materials ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
Real property that is without any obligations, liens, or anything else against it. It is free and clear such as a house without mortgage. ...
Insurance coverage provided for an individual having a lease at a favorable rate, one which is less than the market value of the property. The insurance indemnifies the tenant for business ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
Something that has been built and physically exists at a specified location, such as a building, garage, etc. Something consisting of related parts, such as the organization and terms of ...
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The result of an act or a fact. ...
Financial institution that channels the savings of its depositors mostly into mortgage and home improvement loans. It concentrates on originating , servicing, and holding mortgage loans. ...
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