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New low mortgage rates out of reach - The Washington Times
A 30-year, $350,000 mortgage bearing a fixed rate of 5.25 percent instead of 6.5 percent would save a borrower $280 per month. A half-percentage-point reduction to 5.5 percent would yield a monthly savings of $111. "Many people have been sitting on ...

Stores pin hopes on day-after-Thanksgiving shoppers - Orange County Register
For the past decade, Tyler Quaranta started his Black Friday shopping spree at 2:30 a.m., snapping up 80 percent of his Christmas gifts the day after Thanksgiving during a marathon march down the aisles of Best Buy, Target, Sears and Wal-Mart. This ...

Buy Real Estate Now - Forbes
11.27.08 - First, the bad news. New home sales in the U.S. haven't been this low since 1991, according to the Commerce Department. Now the good news. New home sales in the U.S. haven't been this low since 1991. This means prices are back to where ...

Bank Bonds Rise May Ease Pain of Refinancing $89 Billion Debt - Bloomberg
Oct. 15 (Bloomberg) -- A rally in bank bonds spurred by U.S. Treasury Secretary Henry Paulson 's rescue plan may ease the way for financial companies to refinance $89 billion of debt maturing through the end of the year. Bonds of Morgan Stanley ...

What’s the Low Down on Loan to Value? - Newport Plain Talk
When buying a home, most people only concern themselves with the interest rate and the type of loan they are getting. However, the loan to value may be another aspect to take into consideration It’s not very often that a borrower takes into heavy ...

Down Goes Downey - MSN MoneyCentral
Looks like all those option adjustable rate mortgages (ARMs) weren’t such a good idea after all: 1% teaser rates and loans that grow, rather than shrink, over time just aren’t meant for questionable borrowers buying overpriced homes. Newport ...

UK plumbing supplies firm Wolseley cuts 2,000 jobs - International Herald Tribune
LONDON : Wolseley PLC, the world's largest distributor of plumbing products, said Monday it would shed 2,000 jobs and close 200 branches in Britain and Ireland to adjust to the economic downturn. The company, which has already cut 5,000 jobs across ...

Pimco Closed-End Fund Joins Rivals Forced to Suspend Dividends - Bloomberg
Nov. 3 (Bloomberg) -- Pacific Investment Management Co.'s High Income Fund suspended dividend payments, the latest closed- end fund to be squeezed between plunging asset values and rules governing the use of borrowed money. The fund won't pay a $14.3 ...

Business as usual at Downey Savings - Los Angeles Times Blogs
The Downey Savings & Loan branch in Burbank seemed to be doing business as usual today under its new ownership: Minneapolis-based U.S. Bank . Federal regulators seized Newport Beach-based Downey and PFF Bank & Trust late Friday, the latest in a ...

Mortgage Insurance Companies Not Giving Breaks - Insurance News Net
Oct. 29--Randy Johnson, the Newport Beach author of "How to Save Thousands of Dollars on Your Home Mortgage" and a mortgage broker since 1983, answers questions from readers. QUESTION: If one buys a home that is appraised at $1.1 million but sells ...

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Today's Mortgage Terms starting with L

  • Lender: The bank, mortgage company or mortgage broker providing the loan.
  • Loan Application: A statement of personal and financial information needed to apply for a loan.
  • Loan Application Fee: A fee applied by a lender to cover the initial costs of putting through a loan application. The fee could include the cost of getting a property appraisal, a credit report and a lock-in fee and other closing costs incurred to complete the transaction.
  • Loan Origination Fee: Fee charged by a lender for the administrative costs of processing a loan.
  • Loan to Value Ratio (LTV): The balance of the mortgage outstanding as a percentage of the home's price.
  • Lock or Lock In: A lender's guarantee of an interest rate for a specific period of time. The time period is usually between the loan application approval and loan closing. The borrower wants the lock to stay in effect until closing.

    View all Terms
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