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News about Mortgages:
GMAC Financial cutting 5,000 jobs, ceasing wholesale mortgage ... - Minneapolis Star TribuneFord sales dive in August as auto slump continues Factory orders see wide gains led by aircraft Struggling mortgage lender ResCap to cut 5,000 jobs SEC accuses 2 brokers of $1B subprime fraud GMAC subsidiary ResCap closing retail mortgage operations ...
Struggling mortgage lender ResCap to cut 5,000 jobs - Minneapolis Star TribuneReports show weak start to back-to-school season Ford sales dive in August as auto slump continues Factory orders see wide gains led by aircraft GMAC slashing work force, reduces mortgage lending SEC accuses 2 brokers of $1B subprime fraud ...
Auto lenders feel squeezed - CNN MoneyNEW YORK (CNNMoney.com) -- The nation's automakers aren't the only companies suffering from higher gas prices and weak vehicle sales. Auto lenders are feeling the squeeze as well. Rising unemployment and soaring gas prices have translated into ...
Big Three bailout may be around corner - CNN MoneyNEW YORK (CNNMoney.com) -- Plunging auto sales, high gas prices and election year politics could help convince Congress to approve a $50 billion loan package to embattled U.S. automakers that Detroit's Big Three claim is key to their future success ...
Perusing the Economic Data Thus Far - Street.ComFactory orders for July, which were released yesterday, showed growth for the fifth straight month. Orders rose 1.3% against a guesstimate of 1.0%. Non-manufacturing (services) are a much larger piece of the U.S. economic pie, but this is gorwth in ...
Chat LIVE from the U.S. Open - ESPN.comWelcome to The Show! ESPN.com will be on-site at Flushing Meadows taking in all the action at the 2008 U.S. Open! ESPN.com writers Greg Garber and Bonnie D. Ford will be dropping by each day throughout the tournament to take your questions. Submit ...
Halifax welcomes stamp duty move - Winsford GuardianThe UK's biggest mortgage lender welcomed the Government's announcement that it was abolishing stamp duty on properties worth up to £175,000. The move means anyone buying an averaged priced house is likely to avoid having to pay the tax, relieving ...
Ford Reports Steep Sales Drop, Cuts Production - CNBCFord Motor said Wednesday that sales fell 26.6 percent in August amid steep declines in large pickup trucks and SUVs, and cut its second-half production plans. "We expect the second half of 2008 will be more challenging than the first half, as weak ...
Consumer confidence at record low - Winsford GuardianConsumer confidence remained at a record low during August as people worried about the current economic situation and the outlook for jobs. But an easing in petrol prices, as well as cuts to mortgage rates helped to prevent people's optimism sliding ...
Listen to WWJ Newsradio 950 live on the Web anytime - WWJ Newsradio 950New reports indicate that there is more pain ahead for the Michigan economy – but that the end of the state's economic anguish could be in sight. An economic forecast released last week by the Research Seminar in Quantitative Economics at the ...

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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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