Somerset Mortgage Rates and Information Online from competing Lenders

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Homelessness hits record high - Boston Globe
Despite a pledge by Governor Deval Patrick to end homelessness, the number of homeless people in the state is at a record high and likely to rise because of the mortgage crisis and continuing surge in foreclosures. With homeless shelters filled to ...

More sellers are growing desperate as homebuying stalls locally - Seattle Times
Jason Stanifer is trying to sell his Factoria town house to avoid foreclosure. He received two seemingly solid offers, but both fell through. ELLEN M. BANNER / THE SEATTLE TIMES Victor and Lisa Kepler have dropped the price on their Somerset home by ...

Rogers: Senate improved bailout bill - Commonwealth Journal
Somerset — The last time around, Somerset’s own Congressman Harold “Hal” Rogers was one of only two Kentuckians in the U.S. House of Representatives to support the $700 billion bailout of the nation’s troubled financial industry, which fell ...

Local banks OK despite crisis - Recorder Community Newspapers
As the nation’s largest banks literally choke over enormous debt from bad mortgages, the smaller community banks find themselves in a better position, according to several local bank officials. The financial crisis on Wall Street has led to a ...

Credit available, local businesses say - Tribune-Democrat
Sales of homes and cars have fallen off in the greater Johnstown region, but professionals in both industries aren’t willing to place the blame on tightening credit. The housing market in Cambria and Somerset counties has fallen off considerably ...

Proposed bill would compensate families of fallen firefighters - MyCentralJersey.com
FRANKLIN (Somerset) — Chief Daniel Krushinski of the East Franklin Fire Department hand-delivered to Gov. Jon Corzine the draft of what he hopes will become a bill that would give money to the families of firefighters killed in the line of duty ...

Congress must act for Main St. - Recorder Community Newspapers
We are flabbergasted that seven of the 13-member state Congressional delegation voted against the administration’s financial market rescue plan, including Rep. Rodney Frelinghuysen, R-11. No region of this country has more to lose by a Wall Street ...

Local banks: ‘We’re all making money’ - Tribune-Democrat
Allan Dennison, president and CEO of AmeriServ Financial, hasn’t seen his customers with as much interest in the business of banking for more than eight years. In 1999, the curiosity and concern about financial institutions was generated by the Y2K ...

Meet the candidates - Packet Online
HILLSBOROUGH -- Despite different backgrounds and careers, the four candidates for Township Committee this year share a similar goal to make the township a better place to live. Republican incumbent Mayor Anthony Ferrera, Democrats Matt Dawson and ...

Staff photo by Dan Reiland - Eau Claire Leader-Telegram
- Chippewa County: Veterans Assistance Program, Northern Wisconsin Center, Chippewa Falls, 726-2541; Starting Points, Chippewa Falls, 726-7937. -Dunn County: House of Hope, Menomonie, 715-235-2975. - Eau Claire County: Beacon House, Eau Claire, 834 ...

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Today's Mortgage Terms starting with F

  • Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac): A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • Federal Housing Administration (FHA): A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
  • Federal National Mortgage Association (FNMA or Fannie Mae): This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • FHA Loans: Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.
  • First Mortgage: A mortgage which is in first lien, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
  • Fixed Rate Loan: Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.
  • Foreclosure: A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.
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