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News about Mortgages:
Should you refinance? - Fayetteville ObserverJaniece Brewer hasn’t been asked to crunch so many numbers since the housing boom of 2005. But instead of working with potential new homeowners, the inquiries at her mortgage loan company have been about refinancing as interest rates sink to record ...
County foreclosures soared 171 pecent in 2008 - East Valley TribuneForeclosures in Maricopa County jumped 171 percent last year compared with 2007, with Chandler, Gilbert and Mesa among the hardest-hit cities. That's according to a new report by Default Research, which provides foreclosure information on the Valley ...
Today's Mortgage Terms starting with F
Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac): A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
Federal Housing Administration (FHA): A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
Federal National Mortgage Association (FNMA or Fannie Mae): This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
FHA Loans: Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.
First Mortgage: A mortgage which is in first lien, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
Fixed Rate Loan: Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.
Foreclosure: A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.
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