A modern style of home popularized in the 1950s and championed by architect Frank Lloyd Wright, among others. …
Rate Cap
The maximum interest rate charge allowed on the monthly payment of an adjustable rate mortgage during an adjustment period. …
Rate Commitment
A lenders commitment to offer to hold a specific rate for a certain length of time. Rate commitments can vary from 30 to 180 days. …
Rate Lock
A lender's commitment to a borrower to guarantee (or "lock in") a specific interest rate for a limited amount of time. …
Rate Type
Rate type determines if and how payments adjust over the loan term. Available rate types include fixed-rate, balloon, and adjustable-rate. …
Rate-Improvement Mortgage
A loan with a clause that entitles a borrower to a one-time interest rate cut without going through refinancing. …