Facebook Twitter LinkedIn
ABOUT US | SEARCH | CAREERS | CONTACT GIVE US A CALL 800-965-9910 Equal Housing Lender


Search For A Loan Officer By Name

Search For A Loan Officer By Name
Hit The Enter Key To Search

Press Releases

Cornerstone Mortgage, Inc. Welcomes Pam Daley
Cornerstone Mortgage, Inc. is Now Ranked the 17th Fastest Growing Privately-Held Company in the St. Louis Region
Cornerstone Mortgage, Inc. Opens a New Office in Lee's Summit
Cornerstone Mortgage, Inc. Completes 3rd Agency Approval with Freddie Mac
Cornerstone Mortgage, Inc. Announces ProLoan Approval Status
read more

Glossary

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z  
FHA mortgage
A mortgage on which the lender is insured against loss by the Federal Housing Administration, with the borrower paying the mortgage insurance premium. The major advantage of an FHA mortgage is that the required down payment is very low.
First mortgage
The first-priority claim against the property in the event the borrower defaults on the loan.
Fixed rate mortgage (FRM)
A mortgage on which the interest rate is specified in the loan contract and remains unchanged throughout the term of the mortgage.
Float
An option which the borrower may exercise at the time of the application to allow the rate and points to vary with changes in market conditions rather than to "lock in" those prevailing at that time. The borrower may elect to lock at any point but must do so within 5 business days before the closing.
Fully amortizing payment
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan over the remaining life.
Fully indexed interest rate
The current index value plus the margin on an ARM. Most ARMs have initial interest rates well below the fully indexed rate. If the index does not change from its initial level, after the initial rate period ends the interest rate will rise to the fully indexed rate after a period determined by the interest rate increase cap. For example, if the initial rate is 4% for 1 year, the fully indexed rate 7%, and the rate adjusts every year subject to a 1% rate increase cap, the 7% rate will be reached at the end of the third year.