Rate Lock

Rate Lock – By David Reecher A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost. ... Read More

Prime rate

Prime rate – By David Reecher The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in s... Read More


PITI – By David Reecher This stands for principal, interest, taxes and insurance. If you have an “impounded” loan, then your monthly payment to the lender includes all of these and p... Read More