The interest rate charged from the commencement of the loan. Many mortgage products, e.g. fixed and discount, have an initial rate of interest, which will change at the end of the initial period.

This is the interest rate that is paid from the beginning of the mortgage to the end of the initial rate period. This usually relates to fixed and discount mortgages which may have an initial rate of interest lower than the normal variable rate. At the end of the initial period the normal variable rate will be payable.

This is the rate of interest you pay when you first begin to repay your mortgage. Many mortgage products, e.g. fixed and discount, have an initial rate of interest which will change at the end of the initial period.

The original interest rate of a mortgage at the time of closing or the first interval of an ARM loan.

The starting interest rate. Some people call this a teaser rate, because it gives you low interest and low monthly payments at the beginning, but may adjust up at the next adjustment period (it will usually adjust even if the index doesn't go up, since it's lower than index plus margin for the initial period).

The interest rate that applies at the start of a new mortgage. The initial rate for many mortgage products (eg: fixed or discounted rates) will change at the end of the initial deal

The starting interest rate on an adjustable-rate mortgage loan, which is often below market ARM rates. The intent of a low initial rate is to assist homebuyers that may not otherwise qualify for a mortgage loan.

The rate charged during the first interval of an adjustable rate mortgage.

Rate changed for the first interval of an adjustable rate loan. Normally this rate will be lower than prevailing fixed rates.

The rate charged during the first interval of an ARM loan.

The rate charged to the first interval of an ARM. It is often lower than current fixed rates.

A fixed interest rate charged for the first six or twelve months of a variable rate loan. Normally this rate will be lower than prevailing market rates.

The interest rate at which your loan begins.

The inital rate charged to a borrower for the first adjustment period of an adjustable rate mortgage.