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News about Mortgages:
Local farmers can get low-interest loans due to storm damage - Adirondack Daily EnterpriseTwelve upstate counties, including Essex and Clinton, have been designated as disaster areas by the federal Department of Agriculture, qualifying farmers in them for low-interest loans, according to a press release from U.S. Sen. Chuck Schumer. The ...
Orange County is eligible for USDA federal disaster aid - Mid-Hudson News NetworkWASHINGTON - The U.S. Department of Agriculture has designated Orange County as a Secretarial disaster area – one approved by the Secretary of Agriculture – due to multiple disasters that occurred in 2008. All counties will now be eligible for ...
Md. sees drop in loss of homes - Baltimore SunIn a sign that Maryland could be making strides toward helping struggling homeowners keep their houses, foreclosures fell almost 16 percent in the three-month period that ended in September, compared with the second quarter, according to statistics ...
Building up to a standstill - Philadelphia Business JournalWhen Liberty Property Trust decided last month to pull the plug on developing a $55 million headquarters for Advanta Corp. , the move brought to a screeching halt a process that started more than a year ago. It’s a scenario that will likely be ...
Today's Mortgage Terms starting with I
Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
Initial Rate: The rate charged for the first interval of an ARM loan.
Interest: Compensation in the form of money paid for the use of money.
Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
View all Terms