The rate at which interest accrues on a mortgage. …
Interest Adjustment Date
The date on which the mortgage really begins, usually the first of the month. The interest owed for the number of days between the closing date and the last day of the month is paid on the closing …
Interest Paid Over Life Of Loan
The total amount paid to the lender for the use of money during the time the money is borrowed. …
Interest Rate
The fee, expressed as a percentage, charged for a loan. The interest rate also helps determine the monthly payment. For adjustable-rate loans, the interest rate may change from its initial level. …
Interest Rate Buy-down Plans
For cash-short buyers, some sellers are willing to advance funds from the sale of the home to buy down the interest rate and reduce the buyer's monthly obligation. …
Interest Rate Cap
The maximum interest rate charge allowed on the monthly payment of an adjustable rate mortgage during an adjustment period. …