Business / Finance / Adjustable-Rate Mortgage (ARM): A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or margin, over the index, usually subject to per-interval and to life-of-loan interest rate and/or payment rate caps.
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Business / Real Estate / Mortgagees Title Insurance: An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute. MORE
Business / Real Estate / Mortgage-Backed Security (MBS): A security guaranteed by pools of mortgages and used to channel funds from securities markets to housing markets. Ginnie Mae has a popular MBS program recognized for its low risk and high yield. The G MORE