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News about Mortgages:
This Home Project Will Be 'EXTREME' - New London DayConrad Rickets, above right, executive producer of the TV show “Extreme Makeover: Home Edition,” greets prospective volunteers at a gathering last month. The show, with Colchester builder Bruce P. “Bruno” Hayn, below, as lead builder, will ...
Local banks report steep earnings drop - HometownAnnapolis.comThe four publicly traded banks based in Anne Arundel County reported their worst earnings all year, with third quarter net income falling more than 50 percent from that period in 2007. Severn Savings Bank, BankAnnapolis, The Bank of Glen Burnie and ...
Newest Inland cities say they'll weather rough economic times - Riverside Press EnterpriseFor years, residents in Menifee and Wildomar planned and pushed for cityhood, not foreseeing that incorporation would happen in such a tough economic climate. Leaders of both new cities concede that, in today's global economic trouble, already ...
How Wachovia came crashing down - HamptonRoads.comTwo years ago, Wachovia bought Golden West Financial in California as part of an aggressive strategy to build a nationwide bank. Along with the newly acquired Golden West Financial came a hefty portfolio of home loans, including mortgages that ...
Foreclosured homes a reality check for Easton developers - EnterpriseThree houses on Foundry Street bought by developer Charles M. “Nick” Mirrione three years ago to make way for his Saw Mill Pond affordable housing development were facing foreclosure last week. Two of the houses, at 578 Foundry St. and 582 ...
Residents, businesses cope with tough times - Florida Times-UnionMany Clay County residents said they are driving less, going to fewer movies and eating at home more often. "If we do eat out, it is from the $1 menu," said Angela Hicks, director of Clay County's YMCA DayStar programs and an Orange Park single ...
Florida delivers reality check to Dogs - Atlanta Journal ConstitutionGeez. I am real critical of the whole lot of them for the UF debacle. I knew, though, that beating Hawaii should not have put the dogs at number 1. That being said, the dogs are not the team that got ranked number one. Half of the dawgs were either ...
Week in Review - Monday, Sep 22 - Delaware OnlineDiane Danielson works hard at building her professional reputation online and often advises other people how to do the same. So she was more than a little surprised when she was attacked personally after she wrote a slice-of-life column for her local ...
Viewer Stories: Living Paycheck To Paycheck - WSB-TV AtlantaI have to take medication for a chronic illness that I have, and instead of taking them everyday, I now take them every other day because health care cost is so high and I have to make them last so I can have more money to buy gas and food! Kelly ...
Cyclo-cross news & racing roundup for September 19 - Cycling NewsThe first international cyclo-cross of the season in Erpe-Mere, Belgium was a test case for the big guns in this so-called winter sport. With warm weather and a dry course there were unusual conditions but only the riders complained about this while ...
Today's Mortgage Terms starting with M
Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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