Look for the following information in the ad, or ask the lender these questions: * Will the interest rate or the monthly payments
change during the term of the loan?
Fixed interest rates stay the same throughout the entire term of the loan, while variable interest rates may
change during the term of the loan.
In this case, the interest rate on the loan (a percentage you agree to pay on the funds borrowed) may
change during the term of the loan depending on the economy.
Not exact matches
(A) The
term and principal amount
of the
loan; (B) An explanation
of the type
of mortgage
loan being offered; (C) The rate
of interest that will apply to the
loan and, if the rate is subject to
change, or is a variable rate, or is subject to final determination at a future date based on some objective standard, a specific statement
of those facts; (D) The points and all fees, if any, to be paid by the borrower or the seller, or both; and (E) The
term during which the financing agreement remains in effect.
Flexible
Terms: During the refinancing process, you can choose to change the terms of the
Terms:
During the refinancing process, you can choose to
change the
terms of the
terms of the
loan.
If you are aware
of any likely
change to your circumstances
during the
term of your
loan that could increase your expenditure or reduce your income please give us a call on 0800 169 8503 to apply.
If
terms change during that time, you have a right to refuse the
loan and you are entitled to a refund
of all application fees.
Adjustable rate mortgage (ARM): This type
of loan features an interest rate that fluctuates
during the
term of the
loan in accordance with
changes in the index rate, which in turn is determined by current market conditions.
Since it's a short
term loan, it's reasonable to expect that your circumstances won't
change much if at all
during the
term of the
loan, so the fact that your income is sufficient to repay the amount borrowed — and as long as you don't have a record
of defaulting on similar short -
term loans — is all the lenders need to know.
Fixed - Rate Mortgage A mortgage in which the interest rate does not
change during the entire
term of the
loan.
Fixed - rate Mortgage: A mortgage in which the interest rate does not
change during the entire
term of the
loan, most often 15 years or 30 years.
In addition, the final rule and commentary are consistent with Dodd - Frank Act section 1032 (a) because the features
of mortgage
loan transactions and settlement services will be more fully, accurately, and effectively disclosed to consumer in a manner that permits consumers to understand the costs, benefits, and risks associated with the mortgage
loan and settlement services, if consumers receive the disclosures reflecting all
of the
terms and costs associated with their transactions at or before consummation, and if consumers are permitted a right to inspect the disclosures for
changed terms during the business day before consummation.