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News about Mortgages:
Banks borrow less, investment firms borrow more - Chicago Sun-TimesWASHINGTON---- Commercial banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, while investment firms stepped up their loans. The Fed's report, released Thursday, showed commercial banks averaged $90.3 ...
Taxpayers: Furious over homeowner bailouts - CNN MoneyNEW YORK (CNNMoney.com) -- Ask most Americans whether they're in favor of spending taxpayer dollars to help delinquent mortgage borrowers and you're likely to get an emphatic "No!" But the government didn't ask its citizens before it committed ...
Treasury Weighs Action on Mortgage Rates - Washington PostThe Treasury Department is considering a plan to force down mortgage rate and stimulate the housing market, sources said (By Steve Helber -- Associated Press) The Treasury Department is strongly considering a plan to intervene directly in the ...
Interest rates cuts: Interest rates need to fall to 1pc to kick-start ... - Daily TelegraphHousing experts today warned that The Bank of England needs to cut interest rates further to 1pc in order to get the housing and mortgage markets back on track. Today’s announcement brings the base rate to the lowest level in the last half century ...
Mortgage rate rip-off: banks stand accused - This is MoneyFirst-time buyers and people remortgaging recently-purchased homes are facing paying up to or even above 6% interest - despite the Bank slashing its borrowing rate to 2% yesterday. The dramatic difference emerged as Gordon Brown warned banks they ...
Fall in house prices slows but mortgage fraud flourishes - Guardian UnlimitedThe sharp fall in house prices has slowed this month, Nationwide said yesterday, but experts predict that they still have further to fall. Britain's biggest building society said that prices dropped 0.4% this month and 13.9% over the past 12 months ...
Mortgage arrears: banks 'not treating customers fairly' - Daily TelegraphThe is the second time that the FSA has written to the chief executives of all mortgage lenders warning them that if standards do not improve many will face "enforcement" action. This letter has been prompted by an FSA review which found "weaknesses ...
Mortgage growth hits 22-year low - Irish ExaminerGROWTH in the pace of mortgage lending hit a 22-year low in October, reflecting the continuing decline in the property market and the economic downturn. Overall, private sector lending also continued to weaken, falling to a 14-year low. It fell to an ...
Mortgage Rates Fall as U.S. Expands Rescue - Wall Street JournalU.S. officials pledged to pump another $800 billion into ailing credit markets, much of it directly from the Federal Reserve -- a move that makes the nation's central bank a lender to almost every corner of American life. The Fed, whose traditional ...
Mortgage rates pull in borrowers - Raleigh News & ObserverFed's pledge to buy up debt is 'wonderful gift' for Triangle lenders Many Triangle mortgage lenders were busier in the past two days than they've been in months. The flurry of activity was brought on by the 30-year fixed mortgage rate dropping to 5 ...
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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