ARM Mortgage

Fully Indexed Rate

The rate a borrower pays on a variable rate loan product is called the fully indexed rate and is a function of both an indexed rate and a margin. Lenders can offer a variety of variable rate loan products with fully indexed rates that change at differing reset times.

What Is A Arm Loan Hybrid ARM: A hybrid adjustable-rate mortgage blends the characteristics of a fixed-rate mortgage and a regular adjustable-rate mortgage. This type of mortgage will have an initial fixed interest.

The index The interest rate on an ARM is made up of two parts: the index and the margin. The index is a measure of interest rates gener-ally, and the margin is an extra amount that the lender adds. Your payments will be a ected by any caps, or limits, on how high or low your rate can go. If the index rate moves up, so does

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The fully indexed rate is always listed on the statement, but borrowers are shielded from the full effect of rate increases by the minimum payment, until the loan is recast, which is when principal and interest payments are due that will fully amortize the loan at the fully indexed rate.

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The definition of "fully indexed rate" under the ATR rule is the interest rate calculated using the index or formula that will apply after recast, as determined at the time of consummation, and the maximum margin that can apply at any time during the loan term. We use 11th DCOF as our index and 2.75% as our margin.

Fully indexed rate: The sum of the index rate and the margin. 3/1: The first number format refers to the initial period of time that a hybrid mortgage is fixed, whereas the second number refers to how frequently the rate can subsequently adjust after the fixed period.

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