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
A lender that provides loans through mortgage brokers or correspondents. ...
Mortgages delivered using the Internet as a major part of the communication process between the borrower and the lender. ...
Interest that is earned but not paid, adding to the amount owed. For example, if the monthly interest due on a loan is $600 and the borrower pays only $500, $100 is added to the amount owed ...
Same as term Bridge Loan: A short-term loan, usually from a bank, that 'bridges' the period between the closing of a home purchase and the closing of a home sale. To qualify for a bridge ...
The definition of an assumable mortgage is what happens when a buyer assumes or takes over a mortgage that the seller contracted. This is a type of financial arrangement that passes an ...
A facility offered by some lenders to mortgage brokers where de jure the brokers become employees of the lender but de facto they retain their independence as brokers. One of the ...
To define a home equity line of credit, we can also take a look at how credit cards work. Similarly to credit cards, home equity lines of credit are sources of funds that can be accessed ...
Housing expense plus current debt service payments. ...
Administering loans between the time of disbursement and the time the loan is fully paid off. Servicing includes collecting payments from the borrower, maintaining payment records, ...
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