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News about Mortgages:
Lofty plans: Artist studio-homes hit the market in Malden - Abington MarinerFrom Fort Point to Cambridge and Somerville, onetime artist enclaves have slowly crept beyond the affordability of local craftsmen and artisans. Now, Malden — the Boston area’s “best kept secret,” according to project planners — is hoping ...
UPDATE: Sheehan resigns from City Council - Abington MarinerCity Councilor-at-Large Michael Sheehan resigned from his post Tuesday night, saying he wanted to devote more time to his family. “I’ve always done what I felt was in the best interest of the Malden City Council,” Sheehan told the council ...
Repossessions must be a 'last resort' - Times OnlineUK mortgage lenders will be forced to prove that they are repossessing Britons' homes only as a last resort under new rules announced yesterday by the Prime Minister. Gordon Brown has introduced new rules to clamp down on lenders that rush to ...
Homelessness hits record high - Boston GlobeDespite 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 ...
Fear Strikes Out: The Fractured State of the Corporate Bond Market - Seekingalpha.comFear Strikes Out was a mid 1950s-vintage movie which starred Anthony Perkins and Karl Malden. It chronicles the story of baseball player Jimmy Pearsall, who conquered his demons and achieved success in baseball. I mention that title because fear has ...
The blight next door - Boston GlobeThere's a house down the street from Michael Donovan's in Lynn that gets special attention from the neighbors: They take turns taking care of the outside, as if it were their own. And in a way, the foreclosed house does belong to the neighbors, for ...
Banks defy Brown over new interest rate cut - Times OnlineHigh Street banks have told Alistair Darling they will not pass on any further interest rate cuts to consumers and businesses. The banks have warned the chancellor they are “not charities”. They said they could not afford further to reduce ...
Raining all over the WASL - Spokane Spokesman-ReviewA bit of good news today: Spokane schools showed strong scores on the WASL , which was pitched for Page One as relief from the hurricane news. However, we couldn't put it above the hurricane on the page, and didn't want to bury it at the bottom, so ...
Today's Mortgage Terms starting with S
Second Mortgage: An additional mortgage that has rights that are secondary to the first mortgage.
Seller’s Market: Market conditions that are favorable to sellers. There are more buyers than properties available for sale. The buyers may be forced to compete and pay more for the same property.
Settlement Costs: Money paid by the borrowers and sellers to complete the closing of a mortgage.
Settlement Cost (HUD Guide): HUD publishes a booklet that gives an overview of the lending process and is given to consumers after completing their loan application.
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