Miami FL home equity
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Mortgage
Terms Defined:Adjustable-rate loans, also known as variable-rate
loans, usually offer a lower initial interest rate than fixed-rate loans. The
interest rate fluctuates over the life of the loan based on market conditions,
but the loan agreement generally sets maximum and minimum rates. When interest
rates rise, generally so do your loan payments; and when interest rates fall,
your monthly payments may be lowered
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Mortgage
Terms Defined:Private mortgage insurance
(PMI) protects the lender
against a loss if a borrower defaults on the loan. It is usually required for
loans in which the down payment is less than 20 percent of the sales price or,
in a refinancing, when the amount financed is greater than 80 percent of the
appraised value.
Mortgage Terms
Defined:Annual percentage rate
(APR) is the cost of credit expressed
as a yearly rate. The APR includes the interest rate, points, broker fees, and
certain other credit charges that the borrower is required to pay.
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