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New cash infusion in housing spurs hope - Philadelphia InquirerWill the Federal Reserve's latest effort to jump-start the housing market work? For the first time since summer, real estate agent Deborah Gould said yesterday, she has good reason to be hopeful. The Fed pledged Tuesday to purchase $600 billion in ...
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Falling behind on mortgage payments? New, free service can help - NBC 15(MOBILE, Ala.) Nov. 12 - Many of you may be wondering how to make your next mortgage payment. Some have already fallen behind and are at risk of losing their home. There is some help out there, though. The Alabama Bar Association is now offering free ...
FAST MONEY FEATURES - CNBC"Question of the Day" right now. Following are the day’s biggest winners and losers. Find out why shares of Callaway Golf and Cardiome Pharma popped while E*Trade and Tesoro dropped. POPS (stocks that jumped higher) Callaway Golf (ELY) popped 3 ...
Help For Those Fearing Foreclosure - WKRGPeople in the Mobile area worried about foreclosure have some avenues available they might not have thought of. The first is a program started by the federal government called "Hope for Homeowners." An area nail technician says she's taking advantage ...
Lawyers offer toll-free hotline - Birmingham NewsStarting today, Alabama lawyers will answer a toll-free hotline to assist homeowners faced with foreclosure, according to the Alabama State Bar and Legal Services Alabama, two organizations that partnered to provide the service. The hotline number is ...
Habitat finds home of its own - Charleston Post & CourierThe ReStore, which has been open in Jedburg since July 15, is a 23,000 square foot store that helps bring in funds for Dorchester Habitat for Humanity, which helps needy families earn homes. The new store is nearly triple the size of the facility ...
Bankers' pink slips: their pain, society's gain - Globe and MailROME — You were 20 and your life's course was already fixed. You would follow the money - what else? The MBA led to a Wall Street apprenticeship at $100,000 a year. By the time you were 30, you were selling esoteric debt instruments or merging ...
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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