Ocean Vista Mortgage

 

OCEAN VISTA MORTGAGE, LLC

West Point Plaza
397 Palm Coast Pkwy. SW, Unit 5
  Palm Coast, FL 32137

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Glossary of Mortgage Terms

Adjustment period
For an adjustable-rate mortgage, the time period between interest rate change dates, as stated in the mortgage note.

Adjustable-rate mortgage (ARM)
A mortgage that permits the lender to periodically adjust the interest rate on the basis of movement in a specified index.

Amortization
Gradual reduction of the mortgage debt through regularly scheduled payments over the term of the loan.

LIBOR (London Interbank Offered Rate) index
An index used to determine interest rate changes for certain ARM plans, based on the average interest rate at which international banks lend to or borrow funds from the London Interbank market.

Loan-to-value (LTV) ratio
The relationship between the loan amount and the value of the property (the lower of the appraised value or sales price), expressed as a percentage of the property's value. This ratio is a major determinant in assessing the comprehensive risk of a mortgage.

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Ocean Vista Mortgage, LLC
West Point Plaza
397 Palm Coast Pkwy. SW, Unit 5
Palm Coast, FL 32137

www.CraigDoesLoans.com
Office: 386.447.4800
FAX: 866.645.8752
Cell: 386.569.7059
E-Mail

 

Ocean Vista Mortgage

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