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News about Mortgages:
Clinton (Easton, Pennsylvania) - Chicago TribuneWork began September 4 on the rehabilitation of the PA 61 Bridge over the Schuylkill River in West Brunswick Township, Schuylkill County. The bridge project entails deck patching, a latex overlay of the deck, expansion joint replacements, new ...
Berks County - NewsdayState officials are investigating the attack of an Amish man in southern Lancaster County by what's being described as a big cat. Samuel Fisher was attacked near his home shortly before nightfall Thursday. He had seen the cat in a farm field and ...
Nazareth schools borrowing $31 million - Allentown Morning CallThe Nazareth Area Board of Education earlier this week unanimously signed off on floating a bond for up to $31 million as the final borrowing package to pay for the ongoing middle school project and to refinance existing debt. The bond would give the ...
Cautious reception for mortgage plan - Morning CallUse the home in question as their primary residence. Prove they were worthy of credit when they took the original loan. Have provided a down payment on the home. Local housing and banking experts are reacting cautiously to John McCain 's proposal to ...
Today's Mortgage Terms starting with A
Accrued Interest: Interest earned but has not been paid
Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.
View all Terms