COSI (Cost of Savings Index)

N/A The COSI is a very stable and slow-moving index. World Savings calculates COSI at the end of every month using the weighted average rate paid on their deposits, including certificates of deposit, and savings and checking accounts. COSI does not move up or down as rapidly as other market interest rates such as the Treasury, LIBOR, or...

Credit Score

Your credit score is technically a statistical method of assessing your creditworthiness. Credit scores are based on several different factors including your credit history, amount of outstanding debt and the type of credit you use. Negative information, such as bankruptcies or late payments, is also used to calculate your credit report score as well as collection accounts and judgments. Insufficient credit history and/or too many credit lines with the maximum amount borrowed are also included in credit-scoring models to determine your credit...

Deferred interest

When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding to the loan balance.

Delinquency

The state of having failed to make payments on time. This can lead to foreclosure.

Down Payment

Money paid towards the purchase price of a home that is not financed.

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