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News about Mortgages:
Best mortgage rates - Toronto StarCanadians received more proof yesterday of the global credit crunch hitting home after this country's biggest banks began hiking their residential mortgage rates in an effort to recoup higher funding costs from their customers. The interest rate ...
Are you an idiot to keep paying your mortgage? - San Francisco GateSunday, November 16, 2008 If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay. Last week, the government announced a program ...
Infinity at Central City real estate project now under court ... - News1130.comSURREY (NEWS1130) - The worldwide credit freeze-up has hit home with a big impact in Surrey. 'The Infinity at Central City', the largest residential complex in the history of Surrey, is now under court protection from bankruptcy. With just one of the ...
TO CHANGE NY - New York PostWE have to take a re alistic view of New York state's budget. The budget presented to me when I took office last month was too big and too bloated, assuming about 5 percent growth in our state economy. It followed what was really the growth of ...
Keep bailing . . . - Meganmcardle.theatlantic.comFelix Salmon complains , justly I think, that the bailed out financial firms are using the funds to keep their operations going rather than restructure them: The NYT also, however, has a pointed column from Floyd Norris , who notes the double ...
Today's Mortgage Terms starting with A
Accrued Interest: Interest earned but has not been paid
Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.
View all Terms