Sacramento Mortgage Rates and Information Online from competing Lenders

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Bank of America to pay $8.4B in mortgage-relief settlement - Sacramento Business Journal
Bank of America Corp. has agreed to provide up to $8.4 billion to modify troubled mortgages it acquired as part of its purchase of Countrywide Financial Corp. in July. The program is part of a settlement with attorneys general in several states, who ...

Leader of mortgage association faces fraud lawsuit - San Diego Union-Tribune
SACRAMENTO – A California mortgage banker whose business failed a year ago amid the housing collapse and is facing a fraud and embezzlement lawsuit by former branch managers is now leading the industry's effort to lobby Congress for the $700 ...

Help On The Way For Hurting Homeowners - NBC San Diego
SACRAMENTO, Calif. -- Bank of America Corp. has agreed to modify hundreds of thousands of loans for Countrywide Financial Corp. customers after facing a lawsuit over deceptive mortgage practices. The California attorney general’s office, along with ...

Mortgage applications drop 23 percent - Sacramento Business Journal
With the housing market mired in a historic downturn, the Mortgage Bankers Association said Wednesday that mortgage applications across the country plunged 23 percent last week. The MBA said its seasonally adjusted index of mortgage application ...

Viewer Stories: Housing Market Victims - NewsNet 5
My story is basically simple -- we refinanced two-and-a-half years ago because we were at an 11 percent interest rate. The mortgage company told us that to pay off some credit cards and and stuff we could get an interest-only loan. Me not knowing ...

California's crazy tax system needs overhaul - ScrippsNews
A sandwich shop in downtown Sacramento, Calif., has been offering some foot-long "subs" for a bargain price of $5, but when a customer orders one of the hot items on the list, the counter person quickly warns the patron that the cost will be $5.39 ...

As economy sags, faces do too, cosmetic docs say - Atlanta Journal Constitution
The economy isn’t the only thing that’s sagging — so are faces, breasts and bellies as would-be cosmetic surgery patients increasingly opt against costly nips and tucks because of tough financial times. Anecdotal reports and a recent ...

Short sales a win-win — or a minefield - News-Democrat
SACRAMENTO, Calif. -- Short sales are a financial tactic that appears only in real estate downturns. Such sales are supposed to be a win-win that gets the seller out of a tight spot, a buyer a good deal and the bank off the hook. But what sounds like ...

Schwarzenegger's vetoes anger legislators - Los Angeles Times
SACRAMENTO -- The way legislators tell it, Gov. Arnold Schwarzenegger is the villain in the saga that has played out in the Capitol in recent months. First he took hostage a year's worth of their work -- about 1,000 pieces of legislation ...

National briefs - Dallas Morning News
WILLIAMS, Calif. – Five people died and at least 30 were injured after a Greyhound bus overturned in north-central California, about 60 miles north of Sacramento, authorities said. The bus was headed to Colusa Casino Resort in Northern California ...

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Today's Mortgage Terms starting with I

  • Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
  • Initial Rate: The rate charged for the first interval of an ARM loan.
  • Interest: Compensation in the form of money paid for the use of money.
  • Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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