Introductory rate mortgage definition

Introductory rate mortgage means a consumer credit transaction in which the loan is secured by a mortgage on real estate in this State upon which there is located a one to four family dwelling which is occupied by the borrower as the borrower’s principal residence, and which provides for: (1) an introductory payment rate option that is set at least 3 percent below the fully indexed rate at the time the loan was originated and payments may adjust by more than 3 percent at the reset date regardless of whether the variable rate index has increased; or (2) an interest rate that may adjust by more than 2 percent at the end of the initial fixed rate period of the loan and which, notwithstanding the payment rate in effect, had
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Introductory rate mortgage means a consumer credit
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Introductory rate mortgage means a consumer credit transaction in which the loan is
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Related to Introductory rate mortgage

  • Term SOFR Rate means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

  • Initial Term Loan Maturity Date means August 15, 2025 or, if such date is not a Business Day, the immediately preceding Business Day.

  • Pricing Grid the pricing grid attached hereto as Annex A.

  • Applicable Base Rate Margin means, on any day, a rate per annum equal to the higher of (a) the Applicable Eurocurrency Margin for such day minus 1.00% and (b) 0.00%.

  • Applicable LIBOR Rate Margin means the following per annum percentages, applicable in the following situations:

  • LIBOR Rate Margin has the meaning set forth in the definition of Applicable Margin.

  • Term Loan Extension Request has the meaning set forth in Section 2.16(a).

  • Initial Term Facility means the Initial Term Loan Commitments and the Initial Term Loans made hereunder.

  • Current Maturities of Long Term Debt means during a period beginning and ending on designated dates, the amount of the Borrower’s long-term debt and capitalized leases which become due during that period.

  • SOFR Rate Day has the meaning specified in the definition of “Daily Simple SOFR”.

  • Applicable Period See Section 2(b) hereof.

  • Term Loan Extension Series has the meaning set forth in Section 2.16(a).

  • Latest Term Loan Maturity Date means, as of any date of determination, the latest maturity or expiration date applicable to any Term Loan hereunder at such time.