An Adjustable-Rate Mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices. Among the most common indices are the rates on 1-year constant-maturity Treasury (CMT) securities, the Cost of Funds Index (COFI), and the London Interbank Offered Rate (LIBOR).
A Fixed Rate Mortgage is a home loan that requires fully amortizing payment of principal and interest upon inception of the note and allow for unchanging interest rate and monthly payments throughout its term.
A lot loan is one in which a loan is made on a finished piece of property. Lots may normally be found within cities or municipalities. Finished lots have such amenities such as roads at the lot line, utilities in place and or plumbed to the site. Such amenities differentiate a lot from raw land.
Capital Line Funding
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