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2008: Year in Review - Complete Edition - Wayne IndependentHere is the complete round-up of highlights from front page news in The Wayne Independent for 2008 in Wayne County, Pa. 2- The year opens with coverage of one of many seminars on natural gas leasing, as companies and landmen canvass northern Wayne ...
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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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