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Market discount is generally the amount of the stated redemption price (or the OID-adjusted issue price) that is more than basis in the bond immediately after you acquire it on the secondary market.
Generally, the index plus or minus margin equals the new rate that will be charged, subject to any caps.
Rural housing loan A loan offered by the Rural Housing Service (RHS an agency within the Department of Agriculture.Requirements may be different for the same security held in other accounts.Title insurance Insurance that protects an interested party, either the owner or the lender, against issues that would affect legal ownership of the property.Payments may increase or decrease accordingly.Back Market Fluctuation The rise or fall in a security's price or portfolio's value within a short-term period; may be slight or dramatic depending on market and other conditions.Cost of Funds Index (cofi) An index that is used to determine interest rate changes for certain adjustable-rate mortgages (ARMs).
Depending on the location of the property or type of transaction, the three business days right of rescission period may apply before your funds are available to you.
Such fees may include appraisal, credit report, title and flood certifications.
Fico An acronym for Fair Isaac Corporation, which develops the mathematical formulas used to produce credit scores for assessing credit risk.
During the loan approval process, many lenders require reserves (typically the equivalent of 2 monthly mortgage payments) to be verified.
Back Margin Debit Interest This is the most recent margin interest rate that is applicable to you account.It also sets standards for underwriting these mortgages and for construction of homes secured by these mortgages.If there are insufficient funds to satisfy the debit request in your first Fidelity Funding Account, Self Funded Overdraft Protection earmarks any available funds and then searches the second Fidelity Funding Account for the difference.In our example: Weekly 3-Month T-Bill ARM index.50 (Week Ending: 9/2/05 ).Fico scores fall between a low of 300 and a high of 850.Back, margin, ability to borrow against securities you own to purchase other securities, cover checks written against the account, etc., up to a specified limit.However you had to compensate for the extra 5 of your initial investment.Due-on-sale provision A provision in a mortgage home loan that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the loan.
Convertible ARM An adjustable-rate mortgage (ARM) that can be converted to a fixed-rate loan under specified conditions.