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HUD allots more storm damage aid - Nashville TennesseanCounties affected by deadly storms and tornados on the night of Feb. 5 will be eligible for at least $20.6 million in additional federal aid. The Department of Housing and Urban Development will distribute $2.1 billion in emergency funding to 14 ...
James Grant Pops Greenspan’s Bubbles, Makes Yield Pigs Squeal - BloombergNov. 25 (Bloomberg) -- James Grant , the vigilant editor of Grant’s Interest Rate Observer, is nothing if not prescient. In 1999, when the bestseller “Dow 36,000” appeared, Grant pictured a different asset class -- home sweet home -- hitting ...
Forced sales of homes jump - West OnlineThe forced sale of Perth houses at opposite ends of the property market underlines how the economic downturn is hitting luxury and budget homes alike. A Marmion home at 2 Lennard Street is valued at about $1.4 million and will be the subject of a ...
Corzine signs bill to help homeowners - Newark Star-LedgerIn an effort to ease the burden of foreclosure facing thousands of New Jersey homeowners, Gov. Jon S. Corzine today signed legislation allocating $12.5 million in state funds and $51.4 million in federal funds in prevention assistance. At the bill ...
A quick guide to the subprime mortgage crisis - In the NewsThough there have been numerous theories suggested as to the causes of the recent credit crunch in the global markets, many people agree that the main cause of these economic developments was the subprime mortgage crisis that unfolded in the United ...
Crist Announces Voluntary Delay in Home Foreclosures - The LedgerTALLAHASSEE | With Florida residents facing one of the highest foreclosure rates in the nation, Gov. Charlie Crist announced Monday that associations representing the state’s banks and credit unions have agreed to delay any foreclosure sales on ...
Fewer credit card offers found in mailboxes - ksl.comI love those Credit Card offers, especially the 0% for 1 year, no transfer fee ones. I'll take those any day!! They helped me pay off $40,000 off my mortgage, interest free! Please note that KSL strives to be a family-friendly web site, so please ...
A wealth of ideas for Obama's stimulus program - Los Angeles TimesIn three news conferences last week, President-elect Barack Obama began to outline an economic stimulus and recovery program involving public works, tax breaks and new federal funding for energy research. The planned initiatives provided a spark of ...
Beach-front homeowners may not qualify for buyout - Galveston County Daily NewsGALVESTON — One hundred and fourteen West End houses are now on the public beach, based on the tentative line of vegetation set by the Texas General Land Office two weeks ago. Sixty-five more houses were destroyed when Hurricane Ike came ashore ...
State amends disaster aid rules to help homeowners - Quad-Cities TimesCEDAR RAPIDS, Iowa - The state has amended federal disaster aid rules to speed up the process of helping homeowners affected by this year's storms and flooding. The changes went into effect Wednesday. They include an opportunity for eligible ...
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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