Dual Index Mortgage
Definition of "Dual Index Mortgage"
A mortgage on which the interest rate is adjustable based on an interest rate index, and the monthly payment adjusts based on a wage and salary index. Dual index mortgages are not written in the U.S., but they are common in Mexico.
Popular Mortgage Terms
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
A documentation requirement where the applicant's assets are not disclosed. ...
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 ...
A home built entirely in a factory, transported to a site, and installed there. Manufactured homes are distinguished from 'modular,' 'panelized'' and 'pre-cut' homes. Manufactured houses ...
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...
Programs offered by some lenders under which a borrower who is able to secure a grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their own ...
The portion of the monthly payment that is used to reduce the loan balance. ...
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