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Obama: Back me or face economic ruin - Belfast TelegraphBarack Obama delivered a stark warning yesterday of the grave dangers of an economic catastrophe if a rescue plan he intends to propose is not swiftly implemented. He made his appeal despite a constant refrain from his aides that the US can only have ...
Marrone to hire ex-Michigan defensive coordinator - Syracuse Post-StandardOne of the nation's top assistant coaches is set to join Doug Marrone's staff at Syracuse University. The Post-Standard's Donnie Webb reports Scott Shafer will become the new defensive coordinator for the Orange, with an announcement possibly coming ...
City incentives turn dream home into reality - Chicago TribuneThere are an awful lot of unhappy homeowners out there these days, but Aaron Mays isn't among them. The 23-year-old Chicagoan is an almost giddy new homeowner, having just celebrated his first holidays in a new one-bedroom condominium near Lake ...
Minority Groups - Chicago Tribuneby Mark Silva As President-elect Barack Obama prepares to take the oath of office, most people worry that the nation is losing ground on an array of problems. The one front on which a majority of Americans believe the nation..... UNIVERSAL CITY ...
Burton City Council votes to demolish Palace Gardens; Owner says she ... - Grand Rapids PressBURTON, Michigan -- For the past three years, Elmeretta Fischer said she's been in a battle with her insurance company over a settlement for a fire that damaged her bar and nightclub. She said she planned to use the money to remodel the building. But ...
The Tax Man - Midland Daily NewsCity Assessor Reid Duford knows all about the roller coaster ride that's been Midland's property tax story over the past few years. He should. He's been in the front car. "I agree (with the forecast) that there will be a downward trend in property ...
NEWS IN BRIEF: Around Downriver - News-HeraldThe Capuchin Soup Kitchen has several suggestions on how to help those in need this holiday season. The Capuchin Soup Kitchen’s Caps, Coats and Kids program provides new caps, coats and gloves to needy children. The Capuchin Soup Kitchen’s ...
New archbishop of Detroit prays for 'hope' - Buffalo NewsThe new spiritual leader of the Detroit area's 1.4 million Roman Catholics is a Michigan native who is invoking a city slogan about hope as he takes charge of a region tangled in economic woes. Bishop Allen H. Vigneron said he was honored and ...
2008: The absurd - Crain's Detroit BusinessThat's about the best that can be said for 2008, a bad year by any account. It began in January — when else would it begin? — with the news that Mayor Kwame Kilpatrick had lied under oath about an affair with chief aide Christine Beatty, and it ...
No big changes for local bank customers - Cheboygan TribuneLocal customers of National City Bank will experience a seamless transition as it becomes known as PNC Bank, the Cheboygan manager said Friday. PNC Financial Services Group Inc. announced Wednesday that it had completed its acquisition of National ...
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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