Below are the Payment and Rate Details that will apply over the term of the loan. The payments below do not include amounts for taxes and insurance. If the loan is an Adjustable Rate Mortgage (ARM), a current reasonable index and margin were used to display potential future rate and/or payment changes. If the Loan is a Home Equity Line of Credit (HELOC), the payments shown below are calculated using the full line amount.

Term: The duration of time, in years, of your mortgage contract.
Rate Type: The type of mortgage that determines the interest rate of your loan. Common types are Fixed Rate Mortgages, which have the same interest rate for the duration of the loan, and Adjustable Rate Mortgages (ARM), which have fluctuating interest rates that depend on the market.
Fully Indexed Rate: The interest rate that is calculated by adding the margin to the index rate.
Interest Rate: The amount charged by the lender for use of its assets, usually expressed as a percentage of the principal.
Initial Interest Rate: The initial interest rate that is fixed for the duration of the Initial Fixed Rate Period.
Initial APR: The initial APR that is fixed for the duration of the Initial Fixed Rate Period, before adjusting, based on the new interest rate.
Initial Fixed Rate Period: The duration of months in which the interest rate is fixed. The interest rate will adjust after this period.
Adjustment Period: The duration of months after the Initial Fixed Rate Period or a prior Adjustment Period in which the interest rate will adjust again.
Maximum Interest Rate: The maximum capped interest rate that your mortgage can fluctuate to over the life of the loan.

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