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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of A
Adjustable Interest Rate
An interest rate that can change during the life of a loan in relation to an * index. Payments may increase or decrease accordingly. Usually offers a lower "initial" interest rate than the fixed rate. Also known as a variable rate.
Glossary For This Page
(In Alphabetical Order)
* Index
The published index of interest rates on a publicly traded debt security used to calculate the interest rate for an ARM. The index is usually an average of the interest rates on a particular type of security such as the * LIBOR.
* LIBOR
London Interbank Offered Rate (LIBOR) - The interest rate that major international banks in London charge to lend dollars to one another.
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