current interest mortgage rate texas

local current interest mortgage rate texas banking

it was adjusting, typically, 1-3% current interest mortgage rate texas than the introductory rate. Calculating this is IMPORTANT for ARM buyers, since it helps you predict the future interest rate of your loan. Margin - This refers to the banks profit margin above the value of the financial index. The bank seeks to make a profit above the costs of inflation. The index is a measure of the cost of funds as measured by inflation. Index - A publicly published financial index such as LIBOR current interest mortgage rate texas 1 month, 6 month or 12 month), 11th District Cost of Funds current interest mortgage rate texas MTA, etc. Start Rate - The introductory rate provided to purchasers of ARM loans for the initial fixed interest period. The difference between the "Start Rate" of an ARM and the rate of a fixed terms loan is that the "Start Rate". Period - This is the frequency of adjustments, the longer the rate remains fixed, the better current interest mortgage rate texas loan is for the borrower. Typically, the shorter this is the lower the rate, since there are more opportunities to adjust upwards. Floor - A clause that current interest mortgage rate texas the minimum rate for the interest rate of an ARM loan. Most loans come with a Start Rate = Floor feature, but this is primarily for Non-Conforming (aka Sub-Prime or Program Lending) loan products. This prevents an