The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel , a secure, online database available to hundreds of civil and criminal law enforcement agencies U.S. and abroad. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Escrow is the holding of money or documents by a neutral third party prior to closing. The interest rate is the cost of borrowing money expressed as a percentage rate.
Interest rates can change because of market conditions.
Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount. Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing. A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off on the loan. Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan.