Definitions and explainations of mortgage terminology.
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Mortgage Glossary
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CODI - An acronym for Certificates Of Deposit Index. It is used as the interest rate index for some ARMs. |
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Mortgage Glossary
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COFI - Acronym that stands for Cost Of Funds Index. It is used as the interest rate index for some ARMs. |
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Mortgage Glossary
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Conforming Loan - A mortgage loan which conforms to all of the underwriting guidelines purchase and securitization by the two major Government Sponsored Entities (GSEs), Fannie Mae (FNMA) and Freddie Mac (FHLMC). |
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Mortgage Glossary
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Your credit report tells lenders how well you pay your bills and gives them an indication how risky you are as a potential borrower. It contains your name, address, social security number, and your credit history. Credit reports usually, but not always, contain a credit score, usually called a FICO score, that is calculated based on your credit history. |
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Mortgage Glossary
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Credit Scoring, also known as credit grading, is an unbiased way of determining a borrower's risk level. Values are associated with your personal financial attributes, such as your income, asset and debt levels, the length of time spent at your current address and current job, and your credit history. These scores are combined to give an overall credit score. The overall credit score is an indication of how likely a person with that score is to default on their loan. The most widely known score is the FICO score. It was developed by the Fair Isaac Company and the three major credit bureaus. Your FICO score is a numeric value based on your credit history. It is generally used along with the other factors listed above to arrive at your lender's overall credit grade for you as a borrower.
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Mortgage Glossary 
