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commercial Mortgage Terms

Adjustable-rate loans
Also known as variable-rate loans, typically offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement usually sets maximum and minimum rates. When interest rates rise, usually so do your loan payments; and when interest rates fall, your monthly payments may be lowered

Mortgage
The 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.

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Escrow
The holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Fixed-rate loans
Generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan.

Interest rate
The cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions.

Annual percentage rate (APR)
The cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay.

Loan origination fees
The fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount.

Lock-in
This 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.

Conventional loans
Mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services

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The Market for Securitized Commercial Mortgages
Despite the recent sluggish pace of issuance CMBS remain an important source of financing

Primary Market For Commercial Mortgages
Demands for credit to finance commercial real estate activity have remained robust