Interest Rate - Law Dictionary Search Results
Home Dictionary Name: interest rateinterest rate swap
interest rate swap a transaction between two parties where each agrees to exchange payments tied to different interest rates for a specified period of time, generally based on a notional principal amount. Source: U.S. Department of Housing and Urban Development ...
prime interest rate
prime interest rate : prime rate ...
interest rate
interest rate the amount of interest charged on a monthly loan payment, expressed as a percentage. Source: U.S. Department of Housing and Urban Development ...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
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...
usury
usury [Medieval Latin usuria interest, lending at exorbitant interest, alteration of Latin usura use, interest (i.e., sum paid for use of money), from usus use] 1 : the lending of money at exorbitant interest rates ;specif : the crime of charging or contracting to charge an unlawfully high rate of interest 2 : a rate or amount of interest charged in usury compare legal interest at interest ...
adjustable-rate mortgage (arm)
adjustable-rate mortgage (arm) a mortgage loan that does not have a fixed interest rate. During the life of the loan the interest rate will change based on the index rate. Also referred to as adjustable mortgage loans (AMLs) or variable-rate mortgages (VRMs). Source: U.S. Department of Housing and Urban Development ...
discount point
discount point normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to reduce the interest rate on a loan. In an ARM with an initial rate discount, the lender gives up a number of percentage points in interest to give you a lower rate and lower payments for part of the mortgage term (usually for one year or less). After the discount period, the ARM rate will probably go up depending on the index rate. Source: U.S. Department of Housing and Urban Development ...
rate cap
rate cap a limit on an ARM on how much the interest rate or mortgage payment may change. Rate caps limit how much the interest rates can rise or fall on the adjustment dates and over the life of the loan. Source: U.S. Department of Housing and Urban Development ...
lock-in
lock-in since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time. Source: U.S. Department of Housing and Urban Development ...
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