Mortgage Store

Mortgage lenders: Shouldn't you be listed here too?
Call 1-800-327-7717, ext. 1410

Definitions:

Jumbo mortgage: A home loan that exceeds the $333,700 Fannie Mae and Freddie Mac limit.
Annual percentage rate (APR): A yearly rate of interest that includes fees and other costs paid to acquire the loan.
Lock: A lender's written guarantee that the mortgage rate quoted will be good for a specific period of time. This should be long enough to cover your closing date.
1/1, 3/1, 5/1, 7/1 and 10/1 ARMs: Common adjustable-rate mortgages. For example, the 3/1 ARM has a set rate of interest for the first three years and then adjusts annually based on the financial index specified in the contract.
7/23 and 5/25 mortgages: Common adjustable mortgages with a one-time rate adjustment at the end of the initial period. The 7/23 loan has the same rate for the first 7 years and then adjusts to the rate that will be in effect for the remaining 23 years.
Balloon: A mortgage that has level monthly payments that will fully amortize it over a stated term (e.g., 30 years) but which provides for a lump-sum payment to be due at the end of an earlier specified term (e.g., 10 years).
Buydown: Mortgage in which the rate is lowered by paying more points up front.
Caps: The maximum amount that the rate can increase during a specified time period. With 2/6 caps, the mortgage can increase by 2% at each adjustment interval up to a maximum cumulative increase of 6% over the life of the loan.
Loan-to-value ratio (LTV): Percent of a home's price that is paid for by a mortgage.
Negative amortization: A gradual increase in mortgage debt that occurs when the monthly payment does not cover 100% of the principal and interest due.
COFI: Adjustable-rate mortgage with rate that adjusts based on a cost-of-funds index, often the 11th District Cost of Funds.

Note: Banks, mortgage companies and credit unions pay to advertise in the Consumer Mortgage Guide® which is compiled by Bankrate.com®, a publication of Bankrate, Inc., N. Palm Beach. Rates effective as shown on each listing and subject to change without notice. Annual percentage rates (APRs) based on 20% down on $165,000 for conventional new home purchases and most other loans, $335,000 for jumbo loans; and on fully indexed rates for adjustable rate mortgages (ARMs). ARM rate caps are 2% periodic, 6% life-of-loan, unless noted. Private mortgage insurance usually required with less than 20% down. The APR on your specific loan may differ from the sample used. Loan range expressed in thousands of U.S. dollars. FHA = Federal Housing Authority, VA = Veteran's Administration, CHB = Community Home Buying and REV = Reverse Mortgages, LTV = Loan to Value, NIQ = No Income Qualifier, NIV = No Income Verification, N/A = rates not currently available. To be listed in this table or to report any discrepancies, call 561-627-7330, ext. 1410.

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