Rates and Pricing

Regulation Z net-credit figure showing the mortgage amount provided to or for the borrower after applicable upfront finance-charge treatment.

An upfront pricing structure that lowers the borrower's rate or payment.

The interval between the ARM index date used for a reset and the date the new rate takes effect.

A fee some loans charge if the borrower pays off the debt early.

Mortgage disclosure expressing scheduled lifetime interest as a percentage of the loan amount.

Closing Disclosure total of scheduled principal, interest, mortgage insurance, and borrower-paid loan costs over the mortgage term.

Upfront and annual program charges associated with a USDA guaranteed single-family housing loan.

The one-time charge many VA borrowers pay to use the VA guarantee program.

The contractual minimum below which an adjustable-rate mortgage interest rate cannot fall.

A discounted introductory ARM rate that applies temporarily before the index-and-margin adjustment structure takes over.

Mortgage pricing benchmark used to compare a loan's APR with offers available to highly qualified borrowers.

Regulation Z dollar measure of interest and specified charges imposed as an incident to or condition of mortgage credit.

Annual percentage charged on the unpaid mortgage principal, excluding most fees and other housing costs.

Mortgage rate associated with no discount points and no rate-based lender credits for a specific scenario and time.

Rate and pricing unit equal to one one-hundredth of a percentage point.

Closing costs the borrower pays directly instead of offsetting them through lender pricing.

Upfront charges paid to lower the mortgage interest rate.

The limit on how much an ARM rate can change at its first reset after the initial fixed-rate period.

Pricing concessions that reduce upfront costs, often in exchange for a higher rate.

Closing costs covered or offset through lender pricing, usually with a rate or credit tradeoff.

The maximum interest rate an adjustable-rate mortgage can reach over the full life of the loan.

Upfront enterprise conventional-loan pricing adjustment based on specified borrower, property, and transaction attributes.

Documentation that records the locked mortgage rate, pricing terms, and expiration date.

Upfront deposit a lender may require when a borrower locks mortgage pricing.

The date mortgage pricing protection ends if the loan has not closed or funded.

Cost charged to keep a mortgage rate lock active after the original lock period is not enough.

Charge a lender may collect for locking mortgage pricing or extending lock-related protection.

Pricing units that express upfront mortgage costs or credits as a percentage of the loan amount.

Mortgage option quoted without borrower-paid points, often used as a comparison point for rate tradeoffs.

Origination charges expressed as points, usually as a percentage of the mortgage loan amount.

The limit on how much an ARM rate can change from one later adjustment to the next.

Time estimate for how long monthly savings must last before paid mortgage points recover their upfront cost.

Higher-rate mortgage pricing that can generate lender-credit value to offset eligible closing costs.

Mortgage pricing expression showing upfront cost or credit as points relative to the loan amount.

Favorable or unfavorable change to a mortgage quote caused by market, scenario, lock, or lender-pricing factors.

The period when a borrower has not locked mortgage pricing and the quote can still move.

Scenario-specific mortgage estimate pairing an interest rate with points, credits, fees, and lock assumptions.

A new mortgage pricing lock after a prior lock expires, is canceled, or no longer fits the loan scenario.

Request to change locked mortgage pricing when market pricing or loan circumstances shift before closing.

A lender charge for making, processing, or underwriting the mortgage.

A temporary buydown with a larger first-year reduction and a smaller second-year reduction.

The recurring interval at which an ARM can reset after its initial fixed-rate period ends.

Notice showing the new ARM rate, payment, and effective date before an adjustable-rate change takes effect.

The point when an adjustable-rate mortgage is reviewed under its formula and the new rate may change the payment.

A lock feature that can improve pricing if market rates move lower.

The ARM rate calculated by adding the current index value to the loan's fixed margin before contractual limits are applied.

The external benchmark an adjustable-rate mortgage uses with its margin to calculate future interest rates.

The opening ARM period when the interest rate does not reset.

Extra lock time added when the original rate-lock window is about to expire before the mortgage closes.

The amount of time a mortgage rate lock stays in effect.

The contract percentage added to an ARM index to calculate the loan's fully indexed interest rate.

A buydown that lowers the mortgage rate for the full loan term.

Contract limits on how much an adjustable-rate mortgage can change at its first reset, later resets, and over its life.

A lender commitment to honor specific mortgage pricing for a defined period.

A buydown that lowers the payment or effective rate for an initial period.

A borrowing-cost measure that combines the rate with certain finance charges.

The contractual interest rate written into the promissory note.

Interest collected at closing for the days before the normal payment cycle begins.

Mortgage cost terms covering rates, points, fees, locks, buydowns, and ARM pricing mechanics.

Lender pricing grid used to turn market prices and loan characteristics into borrower-specific rate options.

A mortgage compensation term most often discussed in older pricing contexts.