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Cashing out the nest egg - Minneapolis Star Tribune
V ernie Anderson almost fell for the phone pitch. "Turn $30,000 into $90,000 with your own Web page," he was told. A reverse mortgage could get him the cash he needed to start an online business. But the local banker balked when Anderson asked for ...

Chapter 7 planned by Seibt - Pahrump Valley Times
Hans Seibt, a prominent landowner in Nye County, announced he plans to file for Chapter 7 bankruptcy protection for various companies. Seibt's companies include Clark and Nye County Development Corp., Seibt Enterprises, N.S. Development Corporation ...

Is the Sun about to set? - Guardian Unlimited
New York Sun editor Seth Lipsky revealed that the publication will shut at the end of the month unless it can find fresh financial backing. Photograph: Corbis Time is running out for the New York Sun, the bastion of conservatism on the Big Apple's ...

Rangel paid no mortgage interest on beach house - Las Vegas Sun
Rep. Charles Rangel paid no mortgage interest on a beach resort property for about 15 years, a lawyer for the powerful House committee chairman says. The New York congressman's lawyer, Lanny Davis, tells The Associated Press that Rangel's no-interest ...

Rangel had no-interest mortgage more than 10 years - Las Vegas Sun
Rep. Charles Rangel paid no mortgage interest on a beach resort property for more than 10 years, a lawyer for the powerful House committee chairman said Friday. The New York congressman's lawyer, Lanny Davis, told The Associated Press that Rangel got ...

Government poised to seize mortgage giants - Chippewa Herald
WASHINGTON -- The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the ...

Students forced to embrace a new work ethic - Times Online
The unflattering stereotype of the average student, enjoying daytime soap operas or lazy afternoons in the pub, could soon be a thing of the past. This week Times Money spoke to a group of new and existing students about the financial pressures ...

Lawyers help homeless in volunteer program - Atlanta Journal Constitution
Corporate lawyers Henry Levi and Meghan Outz aren’t accustomed to meeting their clients in a garage. They’re not used to working for free, either. Conversely, the men and women seeking aid through the Metro Atlanta Task Force for the Homeless ...

Analysis: Biden's wealth in his house - Delaware Online
Joe Biden likes to say he is the embodiment of the American dream -- a middle-class kid who became one of the U.S. Senate's most-respected members and, now, the Democratic nominee for vice president. Though he's considered one of the least wealthy ...

Canadians support government's handling of economy: Flaherty - Globe and Mail
David Hogg from Victoria, Canada writes: Mr. Flaherty and his cabinet colleagues are economic heroes and legends in their own tiny little minds. The biggest difference in the US economy and ours is reflected in the mortgage market and housing market ...

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Casey Dennison Marshall Martinsville West Union Westfield

Today's Mortgage Terms starting with C

  • Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
  • Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
  • Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
  • Collateral: Property pledged as security for a debt.
  • Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
  • Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
  • Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
  • Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
  • Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
  • Credit Bureau: It is a clearinghouse for credit history information.
  • Credit Report: A report containing a detailed credit history of an individual.
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