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Bush Reversal on Iraq Deadline Gives Obama Breathing Room - Washington PostDuring a symbolic signing ceremony, Iraq ambassador Ryan Crocker said the Iraqi Cabinet's approval of a security pact extending the presence of American forces in Iraq for three years is 'historic'. The deal still needs parliamentary approval. By ...
Former Freehold mortgage broker sentenced in fraud case - Asbury Park PressTRENTON — A former Freehold mortgage broker was sentenced to a year's home confinement and five years probation for submitting fraudulent documents in support of a $367,500 loan application. Shawn Brennan, 41, was also ordered to pay $214,000 in ...
Mortgage assistance plan revised after slow start - Asbury Park PressTRENTON — While some components of Gov. Jon S. Corzine's economic recovery plan have moved through the Legislature quickly in the last month, measures to address the state's growing number of mortgage foreclosures has gotten off to a slower start ...
ALL BUSINESS: Investors hold up mortgage changes - TrentonianNEW YORK (AP) - The federal government keeps bailing out the financial industry, but some working in that world seem reluctant to do their part, even if that could help stem the financial system's meltdown. At the center of today's economic and ...
US home construction sinks to new record low - TrentonianWASHINGTON (AP) - Construction of new homes in the United States plunged last month to the lowest level on records going back nearly 50 years as builders slashed production while Wall Street nosedived. Embattled homebuilders, who enjoyed a five-year ...
Energy prices knock inflation for loop - Ottawa SunSharply falling energy prices took the steam out of inflation last month, cutting the overall rise in Canadians’ cost of living to 2.6 per cent, down from 3.4 per cent in September. On a month-to-month basis, consumer prices fell one per cent in ...
'Steady as she goes' - Winnipeg SunLt.-Gov. John Harvard delivered Manitoba's provincial throne speech yesterday, outlining the NDP government's plans for the coming year. Those plans include a flurry of bans on everything from plastic bags and making phone calls while driving to ...
N.J Democrats advance economics package - Philiy.comTRENTON - New Jersey Democrats yesterday advanced a series of measures intended to help homeowners and spur economic activity, a day after Gov. Corzine said the nation's economic woes had led to plummeting state revenue. The package includes tax ...
Paulson, Bernanke defend $700B bailout - Edmonton SunWASHINGTON (AP) — Treasury Secretary Henry Paulson expressed fresh reservations Tuesday about tapping a $700 billion bailout pool to provide mortgage guarantees to help stem soaring home foreclosures. Paulson and Federal Reserve Chairman Ben ...
Washington Twp. to front cash for affordable housing - Morris County Daily RecordWASHINGTON TWP. -- The township committee will help a developer overcome challenges posed by the housing market slowdown, so that a 10-unit affordable housing project can be built on Drakestown Road. The committee on Monday agreed to front Homeless ...
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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