Fine Mortgage Rates and Information Online from competing Lenders

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Bayer to pay $97.5M to settle kickback probe - Boston Globe
WASHINGTON— German medical conglomerate Bayer will pay $97.5 million to settle U.S. government allegations that it paid kickbacks to medical suppliers to boost sales of its diabetes products. The Justice Department said Tuesday that the settlement ...

CITY OF LOCKPORT: Mortgage company fined over housing violations - Lockport Union-Sun
A mortgage company that disposed of a dilapidated Harvey Avenue house will pay a fine to satisfy charges it neglected the house while it still held the title. American General Home Equity Inc., 5875 S. Transit Road, agreed last month to plead guilty ...

Further evidence fall in house prices slowing - Financial Times
Further evidence emerged on Friday that this year’s steep falls in UK house prices are finally beginning to slow. The latest Land Registry House Price Index showed prices fell by 1.5 per cent in October, following two back-to-back falls of more ...

Man Pleads Guilty In $5M Mortgage Fraud - News4Jax.com
JACKSONVILLE, Fla. -- A 51-year-old man will spend 30 years in federal prison and pay a $1 million fine after pleading guilty to conspiracy to commit wire and bank fraud. Juan Carlos Gonzalez pleaded guilty in U.S. District Court in Jacksonville ...

Sponsored by: - Marketwatch
In another interview from Jaffe's weekday podcast, Greg McBride, senior financial analyst for BankRate.com, said the Fed's announcement Tuesday that it would buy mortgage-backed securities has sent mortgage rates to dropping "very dramatically," and ...

Rescue Schemes - Modesto Bee
WASHINGTON -- The foreclosure sharks are circling the San Joaquin Valley. Homeowners beware. Just ask Fresno resident Patricia Ireland. A temporarily laid-off Internal Revenue Service employee, Ireland was scrambling to meet her mortgage payments ...

WESTPORT: Mortgage Broker Pleads Guilty - Hartford Courant
A mortgage broker from Westport has pleaded guilty to a charge of bank fraud stemming from his participation in a scheme to defraud IndyMac Bank, a federally insured financial institution based in California , the U.S. attorney's office for ...

Rate portfolio before paying off mortgage - Baltimore Sun
Q: Should we pay off our mortgage? We have five years and $40,000 to pay down at a mortgage rate of 4.7 percent. The monthly payment is $675. We are both 67 and retired with a monthly income between Social Security and pensions of around $4,300. We ...

Habitat couple thankful mortgage paid - Lexington Herald-Leader
Ernest and Angela Turner have something many of us would love to have, not just on this day of giving thanks, but any day of the year. No, it's not love of family or joy or peace of mind, although they do have and cherish those things. Charles ...

Q&A: Overtime income turns into mortgage nightmare - Philadelphia Daily News
Q:About three years ago we bought a new home. The house is great, but to get the financing we used a stated-income loan application. When the lender asked how much we made our estimate included some overtime pay that we had gotten in the past. The ...

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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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