Definition
Interest-Only Loan
A loan on which only interest is due for an initial period, with no principal reduction during that time.
Nearby terms
Impound Account
Another term for an escrow account, used more commonly in western states.
Index
A published benchmark rate an ARM tracks, most commonly SOFR on current loans.
Jumbo Loan
A loan exceeding the conforming limit for its county, underwritten to the lender's own guidelines rather than agency standards.
Junior Lien
Any lien subordinate to the first mortgage, paid only after it in a foreclosure.
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