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News about Mortgages:
Erie County Real Estate Transactions - Buffalo News• 31 Lanoche Court, Michael A. Young; Karen A. Young to Yijun Cheng; Li Li, $525,000. • 1 Cloister Court, Mary Michael Egan; Edmund A. Egan to Michael P. McGorry; Pamela M. McGorry, $466,000. • 73 Hampton Hill Drive, Nicholas D. Mecca; Efterpe ...
Webster initiates foreclosure moratorium - New London DayWaterbury-based Webster Bank, which has local branches in Old Lyme, Old Saybrook and Groton, announced Thursday that it is offering a 90-day moratorium on home foreclosures. The moratorium applies only to Webster-owned mortgages for all qualified ...
Digging in for long, hard road ahead - Union LeaderJennifer Gelinas' 5-year-old son was captivated by the TV commercial where a woman plucks money from a tree. "Can we plant one of those in the backyard?" he asked her. "If I could, I would," she told him. At dinner tables across New Hampshire and the ...
Doctors Support Universal Health Care: Survey - Common DreamsWASHINGTON - More than half of U.S. doctors now favor switching to a national health care plan and fewer than a third oppose the idea, according to a survey published on Monday. The survey suggests that opinions have changed substantially since the ...
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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