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News about Mortgages:
Financial News
Bush Official: Mortgage Aid Not Working - CBS News
(CBS/AP) Two government programs designed to help hundreds of thousands of delinquent borrowers avoid foreclosure are having negligible effects, a top Bush administration official acknowledged Wednesday. One program will be revamped immediately, and ...

Just the Facts... - Safe Haven
For the week, the S&P500 dropped 8.3% (down 45.5% y-t-d), and the Dow fell 5.3% (down 39.3%). The Morgan Stanley Cyclical index was pounded for 11.9% (down 59.8%) and the Transports for 10.6% (down 31.7%). The Morgan Stanley Consumer index dropped 4 ...

RSS Feed: Local News - Tracy Press
Written by Tracy Press / Friday, 05 October 2007 A commentary by Rosario Marin of the State and Consumer Services Agency Mortgage payment defaults in California are approaching a 10 year high. The state accounts for six of the nation ...

Housing in Turmoil: Some discover they can do well in the downturn - Modesto Bee
Kimiko Horiuchi and husband Rolly Chany soon will move into this Patterson home along with Gabriel Pizzolla, 4, and Victor Pizzolla, 10. The Tracy couple paid $329,000 for the house but were told it was worth $600,000 not long ago. Sales Advice Tips ...

SHARC to take bite out mortgage foreclosures - KARE
He's been working for years to pay off his mortgage. 46-year-old Jim Jackson of Minneapolis wanted to eventually leave his home to his four children. But last year, an illness in the family forced him to refinance. He says, "We needed to take a loan ...

Eastridge owner's stock tumbles - San Jose Business Journal
Stock in General Growth Properties Inc. , the Chicago real estate investment trust that owns Eastridge shopping center in San Jose and five other major Bay Area shopping centers, tumbled to a 52 week low Thursday after falling 37 percent Wednesday ...

Scenes From the Crackup - Nation
Nicholas von Hoffman : A little under $300 billion of the $700 billion bailout has been invested, loaned out or lost. And as long as Henry Paulson's in charge, we won't know where it went. Ready to Refinance?...adjustable rate mortgage...ashamed of ...

Real estate recovery and opportunities - Walletpop.com
According to one data collection group, sales volume of homes in California during September was up 65% over last year . That's a promising sign, although nothing to get too excited about just yet. California was hit very hard by the real estate ...

Powder at Social Security office was food substance - Pantagraph
Seventeen employees and about 10 clients were evacuated about 2:30 p.m. from the building at 207 N. Williamsburg Drive. Bloomington firefighters, including their hazardous-materials response team, police, the FBI and the Department of Homeland ...

Mountain House awash in debt - Record
Mountain House may be the highest community in San Joaquin County in elevation, but a new report also makes it the most underwater area in the United States. Nearly 90 percent of mortgage holders in the town owe more than their houses are worth, a ...

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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.

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