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Average Interest Rate The actual average interest rate for a combination of debts based upon a total weighted interest rate calculation. Utilizing each loan balance and interest rate, the calculator determines an average interest rate for multiple debts.
Convertible ARM An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.
Gross Monthly Income The total monthly income earned before taxes and any other deductions.
Two-Step Mortgage A mortgage in which the borrower receives a below-market interest rate for a specified number of years (commonly seven or 10 years). At the end of the 10 years for example, the interest rate is adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of seven or 10 years. also called Super Seven or Premier mortgage.
