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News about Mortgages:
Coakley and Kenner:Guidance for homeowners: Modifying your mortgage - Milford Daily NewsMassachusetts continues to experience a dramatic surge in foreclosures, often due to deceitful and predatory lending practices. Many foreclosures have resulted from loan practices and products that were destined to fail because lenders failed to ...
New blood injected into Milford panels - Connecticut PostMILFORD -- "Out with the old, in with the new" is one way to look at the list of appointments to city boards and commissions. Veteran members of several boards, but especially the Economic Development Commission, are not being reappointed, officials ...
Dion: Business gives way to 'business' - Milford 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 ...
People on the Move - Scranton TimesGraham Kiddwatson has been named executive chef at the resort in Milford. He attended the Culinary Institute of America and has been a chef for 40 years. FIRST LIBERTY BANK & TRUST Douglas Klinger of Dallas has been hired as a commercial banking ...
Fuel bank's donations down - TriVallyCentralThis week, Peg Molina, as usual, seemed rushed. "We're busy. I've got to go," the director of the Department of Social Services said. After a season where Ms. Molina termed donations to the annual Santa Fund and the Food Bank "great," but donations ...
A look back at 2008 - Danbury News-TimesIn a year that brought about profound change in the nation's future leadership, a year marked by United States involvement in two draining wars, a year that witnessed the deaths of Nobel Prize-winning authors and Oscar-winning actors, it would be ...
On the Horizon: 2009 may bring slow, gradual improvement - New Haven RegisterWith a new year comes a renewed hope that the economic doldrums of 2008 will begin to fade in 2009, albeit slowly. While the nation grapples with a recession crossing the one-year threshold, many of the region's economic indicators finished last year ...
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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