Definition
Index
A published benchmark rate an ARM tracks, most commonly SOFR on current loans.
Nearby terms
HUD-1
The former settlement statement, replaced by the Closing Disclosure for most consumer mortgages in 2015 but still used in some cash and commercial transactions.
Impound Account
Another term for an escrow account, used more commonly in western states.
Interest-Only Loan
A loan on which only interest is due for an initial period, with no principal reduction during that time.
Jumbo Loan
A loan exceeding the conforming limit for its county, underwritten to the lender's own guidelines rather than agency standards.
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