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News about Mortgages:
N.C. is high in 'troubled assets' - Raleigh News & ObserverWhen it comes to snarled developments and debt-burdened landlords, North Carolina is up there -- No. 10, to be precise. At least, that's according to a New York real-estate researcher tracking more than 6,357 planned developments and properties ...
Indiana cracks down on mortgage brokers - Elkhart TruthINDIANAPOLIS -- Becoming a mortgage broker in Indiana used to be easy. Too easy. There were no background checks to weed out people convicted of financial crimes, no tests to see whether brokers actually took required classes and understood the ...
U.S. mortgage crisis prompting change - Louisville Courier-JournalThere were no background checks to weed out people convicted of financial crimes, no tests to see whether brokers actually took required classes and understood the complex mortgage world. A company simply had to plop down $200 to get its state ...
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.
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