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Low mortgage rate idea has fans in region - Herald TribuneIf you remember the last time you could take out a fixed-rate mortgage at an interest rate of 4.5 percent, you are likely in your late 60s or older. It was April 1953. Yet that is exactly what the federal government might be inching toward as a ...
UK's Gordon Brown says he will press banks to pass on interest rate ... - Chicago TribuneLONDON (AP) — British Prime Minister Gordon Brown said Friday he will be pressing bankers to pass on lower interest rates to consumers after the Bank of England moved to reduce its key lending rate to the lowest level since 1951. The Bank of ...
Dear Santa, - Chicago TribuneWhen Ronisha Moseley's stepmother gently told her the family might not have Christmas presents this year, the 10-year-old turned to the one person she believed could help: Santa Claus . Pencil in hand, Ronisha wrote him a one-page letter on ...
Mortgage rates dropping - Herald TribuneThe government's $800 billion attempt to resuscitate credit and housing markets is being felt in Southwest Florida -- especially in mortgage rates. On Monday, rates on a 30-year, fixed-rate loan were hovering as low as 5.38 percent. Brokers expect ...
Chicago Mortgages - Orlando SentinelChicago area mortgage news, issues and trends from Chicago Tribune sources. Show more » Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared to the year-ago period, as borrowers misstated their financial information ...
Financial industry lobbyists urging Treasury to take steps to lower ... - Minneapolis Star TribuneWASHINGTON - Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates in an effort to stabilize the housing market. Under the proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 ...
New mortgage crisis looms - Caspar Star-TribuneWASHINGTON -- The full scope of the housing meltdown isn't clear and already there are ominous signs of a new crisis -- one that could turn out the lights on malls, hotels and storefronts nationwide. Even as the holiday shopping season begins in full ...
Analysis: Nobody wants blame for death of US auto industry or for ... - Minneapolis Star TribuneWASHINGTON - Not surprisingly, neither the outgoing Bush administration, President-elect Barack Obama nor the Democratic leaders of Congress wants to be blamed for the loss of a once-proud domestic auto industry and the disappearance of hundreds of ...
Meltdown far from over; new mortgage crisis looms - Chesterton TribuneWASHINGTON (AP) — Black Friday’s retail shoppers hunting for holiday bargains won’t be enough to stave off what’s likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the ...
Wyo. consumers get more broker protection - Caspar Star-TribuneCHEYENNE -- People looking to buy a house in Wyoming are getting added protection against shady mortgage brokers. State banking commissioner Jeff Vogel discussed draft legislation with members of the Joint Minerals, Business and Economic Development ...
Today's Mortgage Terms starting with I
Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
Initial Rate: The rate charged for the first interval of an ARM loan.
Interest: Compensation in the form of money paid for the use of money.
Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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