Michael Petruccelli says; One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans, in the 11th District of the Federal Home Loan Bank.
July 9, 2012
Michael Petruccelli asks; What is a cooperative (co-op)?
Michael Petruccelli says; A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
Michael Petruccelli asks; What is a convertible ARM?
Michael Petruccelli says; An adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.
July 5, 2012
Michael Petruccelli asks; What is credit history?
Michael Petruccelli says; A record of an individual's repayment of debt. Credit histories are reviewed by mortgage lenders as one of the underwriting criteria in determining credit risk.
Michael Petruccelli asks; What is a credit report?
Michael Petruccelli says; A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
Michael Petruccelli asks; What is a credit repository?
Michael Petruccelli says; An organization that
gathers, records, updates, and stores financial and public records information
about the payment records of individuals who are being considered for credit.
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