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News about Mortgages:
GMAC loses GM car financing in bailout - WTGVDETROIT (AP) - GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender. GMAC LLC ...
Top 10 stories: No. 3 Elections bring change - Republican-EagleOut with the old, in with the new. A desire for change nationally and locally paved the way for political newcomers in 2008, many of whom will take office next week. Next Tuesday Red Wing resident Tim Kelly and a new crop of freshman legislators will ...
Closing argument - MarketwatchIf a clerk in a drug store made an error in your favor, wouldn't you be morally bound to bring that mistake to the store's attention and give the store it's due? I know, the difference in my example is probably pennies or a few dollars compared to ...
Rivet to return to Sabres lineup; Connolly aims at weekend - Buffalo NewsThe Buffalo Sabres' roulette wheel of health has finally landed on 19 and 52. Those who had their chips on 61 are out of luck. The Sabres announced today that captain Craig Rivet will return to the lineup Tuesday when Ottawa visits HSBC Arena. Also ...
Series spreads the blame on economy - Los Angeles TimesA couple of Sundays ago, the White House erupted with a fury. Spokeswoman Dana Perino accused the New York Times of "gross negligence." Its reporters, she said, let their "myopic point of view" cloud their front-page story on President Bush's role in ...
Developer lines up financing for redevelopment of downtown Chicopee ... - Union-News & Sunday RepublicanCHICOPEE - A major redevelopment project at a downtown apartment project remains on track while officials line up financing, including historic site tax credits. HallKeen Management Inc. is awaiting the next funding round for historic building tax ...
Dion: Business gives way to 'business' - MetroWest Daily NewsIn the midst of the calls for bailing out every industry that is experiencing the very natural results of an economic experiment planned and carried out, not so much by right-wing dullards as by dishonorable thieves of every political variety, I got ...
Church Foreclosures On The Rise - Southeast MissourianI was reading in the Wall Street Journal last week how a church building boom that began in the 1990s is resulting in some foreclosures in the current economic downturn. This brings up an interesting question. If you are the banker who holds the note ...
Obama Watch: Memphis admirers gear up for his inauguration - Memphis Commercial AppealPresident-Elect Barack Obama made only one visit to Memphis in 2008 -- a quick stop en route to the presidential debate at the University of Mississippi. He did not deliver a single campaign speech in the nation's 18th-largest city during his ...
Too many complaints at council meetings - Bellingham HeraldWhatcom County Council public hearings have me wondering if the concept of the greater public good is obsolete. Self-centered, self-righteous speakers dominate. They hate taxes, fees and regulations. County workers are parasites. This non ...
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.
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