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News about Mortgages:
Tri-City mortgage market grows with FHA-backed loans - Tri-City HeraldMike Martin recently refinanced out of an adjustable rate mortgage and into an Federal Housing Administration loan for his Richland home. Though the real estate market has slowed in the Tri-Cities, the number of FHA-backed loans has grown. Getting ...
FHA program awaits lender participants - Pittsburgh Tribune ReviewThe federal government's Hope for Homeowners program went into effect Oct. 1, but officials of the Department of Housing and Urban Development say it will take awhile to get the $300 billion initiative in full operation. For example, as of late last ...
Shaler Area takes steps to protect investment - Pittsburgh Post-GazetteReacting to the unstable economy and its impact on investments, the Shaler Area school board last week voted to protect the district from negative cash flows by amending its 2006 SWAP Interest Rate Management Plan. At a special finance committee ...
Today's Mortgage Terms starting with S
Second Mortgage: An additional mortgage that has rights that are secondary to the first mortgage.
Seller’s Market: Market conditions that are favorable to sellers. There are more buyers than properties available for sale. The buyers may be forced to compete and pay more for the same property.
Settlement Costs: Money paid by the borrowers and sellers to complete the closing of a mortgage.
Settlement Cost (HUD Guide): HUD publishes a booklet that gives an overview of the lending process and is given to consumers after completing their loan application.
View all Terms