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Home Equity Line of Credit
HELOC, or Home Equity Line of Credit, is a type of loan. It is not a reverse mortgage. With a HELOC, the lender agrees to lend a maximum amount to a borrower within an agreed period. The collateral is the borrower’s home equity.
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Index and Margin for Adjustable-Rate Mortgage
When you apply for a reverse mortgage, lenders must conduct...
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Recent Articles
What are the Index and Margin for an Adjustable-Rate Mortgage?
The interest of adjustable-rate mortgages (ARM) are tied to the index and margin. The index is a reference point for the interest rate and...
What is a Lender Credit?
Many banks and mortgage lenders often offer borrowers lender credits to help pay for closing costs. Here we’ll discuss lender credits in...
What is the Mortgage Interest Rate Index?
The mortgage interest rate index is a benchmark that adjustable-rate mortgages (ARMs) base their fully indexed interest rates on. The...