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News about Mortgages:
Rescue me!: Foreclosures sweep through housing markets - TradingMarkets.comThere are some last-minute things you can do to save your home, said Nicole Caldwell, the vice president of professional services at Consumer Credit Counseling Service. "It's never too early to get help. Don't be afraid of talking to the mortgage ...
Consider student loans before refinancing home - Palm Beach PostDear Liz: We owe $127,000 on a home that's currently worth more than $300,000. We have a daughter entering college in fall 2010. Her first year will be paid through an education account, her second through some of our savings. Years 3 and 4 are less ...
This year, take control of your finances - MSNBCMany Americans may have little hope that the New Year will ring in positive change for the personal finances. They know they'll be riding out a recession that some economists believe could last at least until at least next winter. But there are some ...
News & Features Navigation - Minnesota Public RadioMinnesota Public Radio coverage of the foreclosure crisis. Photo: #Faith Burns has lived in this south Minneapolis home for 13 years, but must move out by May 6 because her mortgage is being foreclosed. Her attorney says she was sold a defective ...
Today's Mortgage Terms starting with D
Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
View all Terms