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News about Mortgages:
Habitat marks key milestone - Plainview Daily HeraldIt took 15 years, but Jose and Blanca Romero are homeowners . . . and history makers, too. The Romeros recently had a "mortgage burning" celebration as the first family to build a home in partnership with the Plainview Area Habitat For Humanity. The ...
Feds accuse 16 in LI mortgage fraud schemes - NewsdayMortgage fraud and cocaine - not a typical crime combination. However, federal officials yesterday arrested 16 people who they said were involved in two multimillion-dollar Long Island mortgage fraud schemes, including one suspected of being tied to ...
NOTICE OF SHERIFF’S SALE: Case Number: 08-CV-465 - Hudson Star-ObserverU.S. Bank, National Association, as assignee of Mortgage Electronic Registration Systems, Inc., acting solely as nominee for Centennial Mortgage and Funding, Inc., a national banking association, Plaintiff vs. John S. Bonhus and Lisa A. Bonhus ...
A case of balance as credit card rules change - San Francisco GateSunday, October 26, 2008 The changes will affect American consumers differently, as they carry nearly a trillion dollars of credit card debt, according to Federal Reserve estimates. For the majority of cardholders, who pay off their balances each ...
Officials discuss tackling LI's foreclosure crisis - NewsdayWhat's needed to rescue communities mired in the foreclosure crisis? A "SWAT team," says Nassau County Executive Thomas Suozzi. At a foreclosure symposium he was moderating in Woodbury yesterday, Suozzi suggested rescuing neighborhoods one at a time ...
Living on the razor's edge - Plainview Daily HeraldLast Tuesday's election marked an historic change in presidential politics, and congratulations are in order to President-elect Barack Obama. It is truly a watershed moment in American history to have our first African-American president. While I ...
Civics 101: The Federal Reserve - Plainview Daily HeraldThe recent economic crisis in America has brought one of the least understood federal agencies to the forefront of the public eye, the Federal Reserve System. The system was created Dec. 23, 1913, when President Woodrow Wilson signed the Federal ...
Home-Safe Sales Surge in U.S. as Crisis Sows Distrust of Banks - BloombergOct. 24 (Bloomberg) -- Computer consultant Justin Luyt is shopping for a safe. Should his bank falter, out comes his savings and into the home vault it goes: $100,000 in cash. ``I find more comfort in the physical form of my money than the electronic ...
Safe retreat in banking crisis - Hong Kong StandardComputer consultant Justin Luyt is shopping for a safe. Should his bank falter, out comes his savings and into the home vault it goes: US$100,000 (HK$780,000) in cash. "I find more comfort in the physical form of my money," said Luyt, 35. Demand for ...
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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