Fixed Rate - Law Dictionary Search Results
Home Dictionary Name: fixed ratefixed rate
fixed rate : a rate (as of interest) that stays the same [a mortgage with a fixed rate] ...
fixed-rate mortgage
fixed-rate mortgage a mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change. Source: U.S. Department of Housing and Urban Development ...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
conversion clause
conversion clause a provision in some ARMs allowing it to change to a fixed-rate loan at some point during the term. Usually conversions are allowed at the end of the first adjustment period. At the time of the conversion, the new fixed rate is generally set at one of the rates then prevailing for fixed rate mortgages. There may be additional cost for this clause. Source: U.S. Department of Housing and Urban Development ...
Interest
Interest, an interest for the purposes of the regula-tion was not limited to a direct financial interest and included membership of a panel such as the panel of which the claimant's solicitors were members that, therefore, the Claimant's Solicitors had had an interest in recommending the insurance which they recommend to her; that, in the circumstances, there had not been sufficient disclosure of that interest; and that, accordingly, there had been a material breach of regulation 4(2)(e)(ii) and the conditional fee agreement was unenforceable [See (English) Conditional Fee Agreements Regulation, 2000 (SI 2000/692), reg. 4(2)(c)(e)(ii)], Garrett v. Halton BC, (2007) 1 WLR 554 CA Cir.Interest, inter alia as the compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; especially, the amount owed to a lender in return for the use of the borrowed money [Black's Law Dictionary (7th Edn.) pp. 393-94 para 3...
security
security pl: -ties 1 a : something (as a mortgage or collateral) that is provided to make certain the fulfillment of an obligation [used his property as for a loan] b : surety see also security for costs 2 : evidence of indebtedness, ownership, or the right to ownership ;specif : evidence of investment in a common enterprise (as a corporation or partnership) made with the expectation of deriving a profit solely from the efforts of others who acquire control over the funds invested [a involves some form of investment contract] see also due diligence asset-backed security : a security (as a bond) that represents ownership in or is secured by a pool of assets (as loans or receivables) that have been securitized bearer security : a security (as a bearer bond) that is not registered and is payable to anyone in possession of it cer·tif·i·cat·ed security [sər-ti-fə-kā-təd-] : a security that belongs to or is divisible into a class or series o...
Deposit account
Deposit account, an account of sums lodged with a bank and acknowledged to be so lodged by a 'deposit receipt' given by the banker to the depositor, not to be drawn upon by cheques, and usually not to be withdrawn except after a fixed notice, but bearing interest either at some fixed rate, or very often at 1 per cent. less than the Bank of England rate, and therefore at a rate varying from time to time. The depositor is only a creditor of the bank for the amount of deposit and interest (if any). See BANK.As to the power of an incorporated building society to receive money on deposit, see (English) Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 15; Building Societies Act, 1894 (57 & 58 Vict. c. 47), ss. 14 and 15....
points
points a point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $95,000, one point means you pay $950 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield on the mortgage and to cover loan closing costs. These points usually are collected at closing and may be paid by the borrower or the home seller, or may be split between them. Source: U.S. Department of Housing and Urban Development ...
convertible arm
convertible arm an adjustable-rate mortgage that provides the borrower the ability to convert to a fixed-rate within a specified time. Source: U.S. Department of Housing and Urban Development ...
dollar bill
A paper note printed by the Treasury or by one of the Federal Reserve Banks under authority of the treasury having the value of one dollar Also five dollar bill ten dollar bill etc notes with the value of five ten etc dollars Prior to 1964 such notes could be redeemed for the equivalent dollar value in silver coins but in that year the backing of the currency with silver was discontinued Such notes not convertible into precious metals at a fixed rate are called fiat money receiving their value solely from the good faith of the issuing government and the confidence of those using the currency...
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