Knowledge Bank

loanterms

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myths

Mortgage Myths

Myth: If I settle late in the month, I save money on a refinance. Fact: You will pay interest to your old lender for every day in the month prior to funding the new loan. You will pay your new lender for the remaining days in the month. The sooner in the month that you …

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Glossary of Terms

A Adjustable-rate mortgage (ARM) A mortgage in which your interest rate and monthly payments may change periodically during the life of the loan based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the …

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