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News about Mortgages:
Treasury Eyes Plans to Lower Mortgage Rates - Washington PostThe Treasury Department is considering plans being pushed by trade groups to intervene directly into the mortgage market to dramatically force down rates and stimulate the moribund housing market, according to idustry sources familiar wih the matter ...
Ensign calls for restraint on bailout funds - Las Vegas Review JournalWASHINGTON -- Rather than approve billions of dollars in new spending to stimulate the economy, Congress should use money that has not yet been spent from a $700 billion financial bailout bill that passed in October, Sen. John Ensign said Monday ...
Remains of state sailor missing in WWII identified - Milwaukee Journal SentinelThe Department of Defense POW/Missing Personnel Office says the remains of Ensign Robert G. Tills of Manitowoc will be returned to his family for burial with full military honors. Tills was the first U.S. Navy officer to die in defense of the ...
Saukville officer in arson case resigns - Milwaukee Journal SentinelDec. 1, 2008 2:38 p.m. | Village of Saukville - A Saukville police officer charged with setting fire to a vacant home resigned from her job last week, Police Chief Bill Meloy said today. Melissa L. Kronebusch, 26, a three-year veteran of the ...
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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