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'Significant' charge at Glen Burnie Bancorp - Baltimore Sun
Glen Burnie Bancorp , parent company of the Bank of Glen Burnie , reported yesterday that it would record a "significant" charge against earnings during the third quarter because of losses from investments in Fannie Mae and Freddie Mac , according to ...

Mortgage rates fall across the board - San Diego Union-Tribune
Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July. Freddie Mac reported that 30-year, fixed-rate mortgages dipped to 6.35 percent this week from 6.40 percent last week. It marked the third ...

Climbing home sales help to unclog backlog - Detroit News
A rise in home and condo sales during August and a decline in new foreclosures are combining to trim the backlog of unsold properties in Michigan, moving the region one step closer to stabilizing falling home values. Metro Detroit home sales in ...

Bank of Nashville parent to cut 650 jobs - Nashville Post
After four straight quarters of declining profits, Synovus Corp., the parent company of the Bank of Nashville, announced today that it plans to cut 650 jobs, or 9 percent of its total workforce. The company expects to eliminate around half of the ...

Ameya sells off chunk of land - Bozeman Daily Chronicle
LIVINGSTON - Wade Dokken has sold roughly 4,000 acres of his proposed Ameya Preserve development to a neighboring landowner, Giorgio Perfetti, an heir to an Italian candy empire that includes Mentos mints. Ameya touts itself as an environmentally ...

Golf Course To Reopen 'Very Soon' - Greeneville Sun
Sun Photo by Phil Gentry Local attorney Keith Livingston, in brown coat, conducts the auction of River Trace Golf Course in front of a large crowd of onlookers at the Greene County Courthouse on Tuesday morning. Seated on the courthouse steps, at ...

Taxes will soar in credit crisis - Times Online
TAXPAYERS in Britain face up to 5p in the pound in extra taxes because of the credit crunch created by the banks, leading economists have warned. After a week of unprecedented financial turmoil, they predict that government borrowing is about to ...

Area home sales at 5-year low - Baton Rouge Advocate
Baton Rouge-area home sales dipped 33 percent in August from the year-ago period, while year-to-date figures fell to five-year lows for the second straight month, according to the Greater Baton Rouge Association of Realtors. Local home sales have ...

If this fails, it will take down all Britain's banks - Times Online
The wonder of financial crises is how events can move straight from impossible to inevitable, without ever passing through improbable. Two weeks ago nobody would have imagined that, before the end of the month, the Bush Administration would have ...

Home Value Highwire - WTOP Radio
How Is The Financial Crisis Funneling Down To The Housing Market? WASHINGTON - How is the financial meltdown impacting the local housing market? Long and Foster Real Estate Agent Ron Sitrin is concerned about the impact of all the doom and gloom. "Of ...

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Today's Mortgage Terms starting with I

  • Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
  • Initial Rate: The rate charged for the first interval of an ARM loan.
  • Interest: Compensation in the form of money paid for the use of money.
  • Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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