| Date |
Date the Lender submited
his/her rate loan program. |
| Rate |
Interest Rate that the
Lender is currently offering. |
| Points |
The site
allows lenders to post rates via point ranges.
Discount
Points = Interest Charges paid up-front when a borrower
closes a loan. A point is equal to 1 percent of the loan
amount (e.g. 1.5 points on a $100,000 mortgage would cost the
borrower $1,500). Generally, by paying more points at closing,
the borrower reduces the interest rate of his loan and thus
future monthly payments.
Origination
Points = A fee imposed by a lender to cover certain
processing expenses in connection with making a real estate
loan. Usually a percentage of the amount loaned, such as one
percent. |
| Payment |
Monthly Mortgage
Payment. |
| APR |
The APR includes the
base interest rate, points, and any other add-on loan fees and
costs. As a result the APR is invariably higher for the rate
of interest that the lender quotes for the mortgage but gives
a more accurate picture of the likely cost of the
loan. |
| FEES |
Up-front costs
associated with a loan. Clicking on the numeric value on
the quotes results page will display detailed information
about the financial institution's fees. |
| Lock |
The period,
expressed in days, during which a lender will guarantee a
rate. |
| Margin |
The amount a lender adds
to the quoted index rate for an adjustable rate loan to
determine the new interest rate. |
| Introductory Months |
The period,
expressed in months, during which a lender will guarantee a
rate. |
| Term |
The period of time which
covers the life of the loan. For example, a 30 year fixed loan
has a term of 30 years. |
