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UK's Brown to press banks to cut interest rates - WTOP RadioLONDON (AP) - British Prime Minister Gordon Brown said Friday he will be pressing bankers to pass on lower interest rates to consumers after the Bank of England moved to reduce its key lending rate to the lowest level since 1951. The Bank of England ...
Irish Life Passes ECB Cut, Can't Guarantee Passing On More - Wall Street JournalDUBLIN (Dow Jones)--Irish Life & Permanent PLC (IPM.DB) said Friday it will pass on the European Central Bank's 75-basis-point rate cut to variable and tracker rate mortgage customers from Jan. 2, but warned it can't guarantee passing on more rate ...
Banks face pressure on rate cut - BBC NewsBanks and building societies are coming under increasing pressure from MPs to pass on the latest cut in interest rates to their mortgage customers. Some of the major lenders made an immediate decision to pass on the 1% Bank of England rate cut to ...
Britain's Brown urges banks to pass on rate cut - ForbesLONDON, Dec 5 (Reuters) - British Prime Minister Gordon Brown urged banks to pass on the Bank of England's (BoE) latest interest rate cut to help homeowners hit by the worst economic turmoil in decades. Brown said on Friday he would talk to Britain's ...
UPDATE 2-Britain's Brown urges banks to pass on rate cut - ReutersLONDON, Dec 5 (Reuters) - British Prime Minister Gordon Brown urged banks to pass on the Bank of England's (BoE) latest interest rate cut to help homeowners hit by the worst economic turmoil in decades. Brown said on Friday he would talk to Britain's ...
UK's Brown to press banks to lower lending rates - San Francisco GateFriday, December 5, 2008 The Bank of England cut its key lending rate from 3 percent to 2 percent, the lowest level since 1951. Some banks have passed on the full reduction to holders of flexible-rate mortgages, but others have reduced mortgage rates ...
Has your lender cut rates? - Times OnlineThe Bank of England has moved to stimulate the economy and boost the fortunes of millions of hard-pressed homeowners with a third cut in interest rates in as many months. Millions of borrowers on tracker mortgages, pegged to the base rate, will ...
Brown pushes banks for mortgage rate cut - MyFinances.co.ukGordon Brown is pushing high street banks and building societies to cut their lending rates after the Bank of England's one per cent cut yesterday. "Banks should really pass on the interest rate cuts," he told GMTV this morning. "Remember the last ...
Brown Urges U.K. Banks to Pass on Rate Cuts as Three Hold Out - BloombergDec. 5 (Bloomberg) -- Prime Minister Gordon Brown stepped up pressure on British banks to give consumers the full benefit of a reduction in interest rates as three lenders resisted growing demands from politicians to do so. Halifax , the Royal Bank ...
Borrowers being ripped off as lenders charge 6% interest despite Bank ... - Daily MailDesperate borrowers are being charged more than three times the official Bank of England interest rate, experts warned today. First-time buyers and people re-mortgaging recently-purchased homes are facing paying up to or even above six per cent ...
Today's Mortgage Terms starting with C
Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
Collateral: Property pledged as security for a debt.
Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
Credit Bureau: It is a clearinghouse for credit history information.
Credit Report: A report containing a detailed credit history of an individual.
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