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News about Mortgages:
Homeowners meet with lenders to find solutions in Marlborough - MetroWest Daily NewsRobert Norton, 78, has a fixed income and his mortgage is getting more expensive than he can handle. Norton, of Holliston, was one of 160 MetroWest homeowners who went to a foreclosure prevention workshop to meet with lenders and housing counselors ...
Looking for Cost Cuts in Lots of New Places - Wall Street JournalWhen it comes to cutting costs during tough economic times, many small businesses start out with a disadvantage: They don't have all that many costs to cut. Even during good times, small businesses tend to keep expenses pretty tight. The result is ...
Economic fix sought from new president - MetroWest Daily NewsSo Barack Obama has been elected president in a historic election and will enjoy a Democratic majority in both the House and Senate. What should be the first items on his his agenda when he takes office? Theo McLelland, a Holliston engineer, said ...
Sholley presses lonely battle against Frank - Boston GlobeHe is barely acknowledged by leaders of his own party. He's lost all four previous bids for office. And his passion for fathers' rights, as well as his own domestic problems, landed him in jail in the 1990s. None of that deters Republican Earl Henry ...
Challengers use fiscal crisis to attack Barney Frank’s record - Abington MarinerA consultant from Brookline and a garden shop owner ganged up on 27-year incumbent U.S. Rep. Barney Frank Sunday night. The challengers met Frank at Wellesley College for a debate at the campus student center. Both of Frank’s challengers — Earl ...
Today's Mortgage Terms starting with M
Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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