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A cost of funds index or COFI is a regional average of interest expenses incurred by financial institutions, which in turn is used as a base for calculating variable rate loans. The interest rate on an adjustable rate mortgage , for example, is often linked to a regional COFI specified in the particular loan documents.
A 10/1 adjustable-rate mortgage has a fixed interest rate for the first 10 years, then it changes annually for the remainder of the 30-year term. ... the 11th District cost of funds index (COFI ...
A directly applied index means that the interest rate changes exactly with the index. In other words, the interest rate on the note exactly equals the index. Of the above indices, only the contract rate index is applied directly. [1] To apply an index on a rate plus margin basis means that the interest rate will equal the underlying index plus ...
Adjustable rate mortgage or ARM - A mortgage where the interest rate adjusts relative to a specified index + margin. E.g. COFI, LIBOR etc.; Hybrid ARM - An adjustable rate mortgage where the initial 'start' rate is fixed for some portion of time (3,5,7, or 10 years) thereafter the interest rate adjusts (yearly or bi-annually) based on the sum of a specified index + margin.
In contrast, a fixed-rate mortgage has an interest rate that stays the same over the loan’s term. Here’s what you need to know about ARM loan requirements if you’re considering this type of ...
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