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3 Cards in this Set
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- Back
- 3rd side (hint)
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Refinance Transactions
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Rate & Term-refinance that changes the interest rate and/or repayment term of loan
Cash out-refinance to take out additional money from equity in home (riskiest) |
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Index
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The measure of interest rate changes that the lender uses to decide how much the interest rate of an Adjustable Rate Mortgage (ARM) will change over time
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Common Indices (3)
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London Interbank Offered Rate-LIBOR
Treasury Bills-T Bill Cost of Funds Index-COFI |
LIBOR-based on activity in the London wholesale money market
T-Bills-backed by US government COFI-weighted ave. cost of savings & borrowings of the 11th District members of the Federal Home Loan Bank of San Francisco |
