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News about Mortgages:
No Foreclosures Because of Gustav - KATC 3U.S. Housing and Urban Development Secretary Steve Preston today announced a foreclosure moratorium in 34 parishes throughout Southern and Central Louisiana and offered support to homeowners and low-income renters forced from their homes following ...
Billionaires Up, America Down - Common DreamsWhen it comes to producing billionaires, America is doing great. Until 2005, multimillionaires could still make the Forbes list of the 400 richest Americans. In 2006, the Forbes 400 went billionaires only. This year, you'd need a Forbes 482 to fit ...
The Boom Was a Bust for Ordinary People - Common DreamsI t begins to sound a bit naughty -- all this talk about the need to "stimulate" the economy, as if we were discussing how to make a porn film. I don't mean to trivialize our economic difficulties or the need for effective government intervention ...
01/16 - 01/23 (1) - Dakota VoiceBadlands Blue Dakota 21 Dakota Today DakotaWomen GraceLife Haggard News Hog House Blog Jay Reding.com Jim Rivers Report Mount Blogmore (RC Journal) Northern Valley Beacon Proud Liberal RadioActive Chief Rage in the Cage Robbinsdale Radical School-of ...
Banks remain wary; some states blackballed - Traverse City Record-EagleWASHINGTON (AP) -- Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow -- even for those with good credit. Mortgage insurers, whose backing is required for borrowers who can't ...
Homes' equity hits basement - Denver PostA large number of homes that entered foreclosure last year along the Front Range could not even cover the first mortgage if sold, according to an analysis by RealtyTrac. RealtyTrac, a provider of foreclosure listings, used home values and compared ...
Mortgage lenders tighten rules - Sioux City JournalWASHINGTON (AP) _ Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow -- even for those with good credit. WASHINGTON (AP) _ Just when consumers and the U.S. economy need banks ...

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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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