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News about Mortgages:
Jeffersonville Bancorp posts $2.2M loss in third quarter - Times Herald-RecordJEFFERSONVILLE — Jeffersonville Bancorp posted a massive loss in the third quarter, the result of a failed investment in mortgage giant Freddie Mac. The parent company of The First National Bank of Jeffersonville lost $2.2 million, or 52 cents per ...
Banks go after Cash - 1960 SunA Coffee County man who spent two months on the Federal Bureau of Investigation’s Missing Persons List has returned home to face numerous legal battles with millions of dollars at stake. Pete Cash of Elba and his wife Mary Benton Cash are named as ...
Monroeville business owner from Derry allegedly flees - Pittsburgh Tribune ReviewThe FBI has seized the financial records of a defunct Monroeville investment firm owned by a missing man who allegedly bilked investors out of millions of dollars. Frank Guzik Jr., 39, a Derry resident who operated East Haven Development until he ...
Judge rules against Pete Cash - 1960 SunFollowing a ruling in an Elba courtroom Tuesday, Pete Cash will be required to pay back more than $400,000 to Southern Independent Bank. Circuit Judge Jeff Kelley ruled against Cash in a summary judgment hearing, finding that a lawsuit filed by ...
People On the Move - Pittsburgh Business TimesJoseph Meleason, Justine Pelesky, Anne McCready and Amanda Beerens joined Parente Randolph’s audit team, and Terry Gutshall is a new member of the senior living services team. Meleason is a recent graduate of Theil College where he earned a ...
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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