Cost Of Funds Index
Definition of "Cost of funds index"
Average of what savings institutions in the 11th district of the Federal Home Loan Bank System ( California, Arizona, and Nevada) are paying in interest to depositors and other sources of borrowed money. The index was developed in 1981 to provide a benchmark for adjustable rate mortgages. Currently, about 10 percent of the nation's mortgages are tied to the index. When the index rides, so do interest rates on millions of home mortgages.
Popular Real Estate Terms
A written mortgage document. A mortgage instrument states the terms of the mortgage including the interest rates, length of payments, payment dates, and remedies the bank is entitled to in ...
A mortgage where the payments are overdue and open to a foreclosure action at any time. A mortgage not having a prepayment clause permitting the mortgagor to repay the mortgage at any ...
Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...
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Sewer whose sole purpose is o carry away domestic waste water. ...
Listing of the names of tenants, apartments, or office numbers, and monthly rentals. ...
Single mortgage or other encumbrance that covers more than one piece of real estate. ...
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The transfer of a property deed from one person to another without publicly recording it. The recording of a deed in a public office gives constructive notice of the act of the sale and ...
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