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News about Mortgages:
Good buys in home loans - Baltimore SunHome loan borrowers with good credit could be in for some of the best mortgage rates in months, analysts said yesterday, a day after the Federal Reserve announced intervention designed to make financing less costly and more readily available. But it ...
Mortgage rate drop spurs rush to lenders for refinancing - Detroit Free PressA sharp plunge in U.S. mortgage rates prompted a rush to refinance, resulting in record-setting business Tuesday at Livonia-based Quicken Loans and big days for other lenders. Following government efforts to unfreeze consumer credit, U.S. mortgage ...
Mortgage Rates Tumble on Fed Debt Purchasing Plan (Update1) - BloombergNov. 26 (Bloomberg) -- U.S. mortgage rates plunged by the most in at least seven years yesterday as a Federal Reserve pledge to buy $600 billion of debt succeeded where seven cuts in the central bank’s benchmark rate had failed. The average rate ...
Fortress and Quicken Loans Announce a Joint Venture to Implement - MSN MoneyCentralNEW YORK and LIVONIA, Mich. , Oct. 30 /PRNewswire-FirstCall/ -- Fortress Investment Group LLC FIG and Quicken Loans Inc. today announced they have entered into an exclusive joint venture. The partnership will align Fortress, an established investor ...
U.S. Mortgage Rates Drop Most in Seven Years on Fed Debt Plan - BloombergNov. 26 (Bloomberg) -- U.S. mortgage rates dropped by the most in at least seven years as a Federal Reserve pledge to buy $600 billion of debt succeeded where seven cuts in the central bank’s benchmark rate had failed. The average rate for a 30 ...
Quicken Loans To Help NYC Mortgage Investment Firm - WWJ Newsradio 950Livonia's Quicken Loans is riding to the rescue of a New York City mortgage investment firm. Quicken Thursday announced an exclusive joint venture wtih Fortress Investment Group LLC (NYSE: FIG) to help Fortress implement a comprehensive refinancing ...
Today's Mortgage Terms starting with M
Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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