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Mills Escrow FAQs

 

Types of Mortgages

What is an Adjustable Rate Mortgage (ARM)?

What is a rate index?

Who publishes the rate indexes?

How is my new interest rate calculated?

How is my new principal and interest payment amount calculated?

What are lifetime interest rate floor and ceiling caps?

What are periodic rate caps?

Will I be notified of an interest rate change?

What is a Graduated Term Mortgage (GTM)?

What is an interest only mortgage loan?

How is my interest only payment amount calculated?

What is the Servicemembers Civil Relief Act (SCRA)?

Whom should I notify if I am in deployed?

Whom should I notify of a change in status of my deployment, such as extension or expiration?

How will I be notified of the reduced rate and payment amounts as a result of my deployment?