Cost-of-Savings Index (COSI)
Definition of "Cost-of-Savings Index (COSI)"
One of many interest rate indexes used to determine interest rate adjustments on an adjustable rate mortgage.
Popular Mortgage Terms
The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include upfront cash ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
A comprehensive and time-adjusted measure of loan cost to the borrower. IC on a Mortgage: IC is what economists call an 'internal rate or return.' It takes account of all payments made by ...
Interest from the day of closing to the first day of the following month. To simplify the task of loan administration, the accounting for all home loans begins as if the loan was closed ...
Belief that there is a special way to pay down the balance of a home mortgage faster, if you know the secret. ...
A borrower who doesn't pay. ...
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...
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