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News about Mortgages:
Crisis hits mortgage rates - Ottawa SunTORONTO — One of Canada’s biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages. The bank has been charging its prime rate for its Home Equity Lines ...
Local banks OK despite the crisis - Recorder Community NewspapersAs the nation’s largest banks literally choke over enormous debt from bad mortgages, the smaller community banks find themselves in a better position. The financial crisis on Wall Street has led to a series of stunning events: the bankruptcy of ...
Local banks ‘safe, sound’ despite crisis - Recorder Community NewspapersAs the nation’s largest banks literally choke over enormous debt from bad mortgages, the smaller community banks find themselves in a better position, according to a number of bank officials in the area. The financial crisis on Wall Street has led ...
Suicidal senior's mortgage forgiven - Edmonton SunAKRON, Ohio -- Mortgage finance company Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her. Addie Polk's plight was cited by Rep. Dennis Kucinich on ...
Hot Docs: The Bailout Bill, Fact-Checking the Veeps, Piracy in Somalia - US News and World ReportEmergency Economic Stabilization Act of 2008 : The $700 billion bailout bill was approved in the House on Friday by a 263-to-171 margin. It won Senate approval two days earlier. The measure will permit the federal government to buy troubled mortgage ...
Stocks to struggle despite rescue plan - Washington PostNEW YORK (Reuters) - Wall Street's mood will likely remain dark this week as fallout from the credit crisis continues to corrode the U.S. economy and questions linger about the likely effectiveness of the newly passed bailout plan in shoring up the ...
NATO sending ships to tackle Somali pirates - CNN(CNN) -- NATO defense ministers agreed Thursday to send ships to waters near Somalia's coast to deter and combat piracy there, a spokesman said. Pirates use a small boat to get to a hijacked ship carrying tanks and ammunition. "There will soon be ...
Reports: Chrysler, GM discussing merger - Winnipeg SunDETROIT — General Motors Corp. and Chrysler LLC have held preliminary talks about a merger or an acquisition of Chrysler by GM, according to published reports, a move which one Canadian union leader says will only serve to make members more ...
TD Canada Trust lowers prime lending rate - Winnipeg SunTORONTO — One of Canada’s biggest mortgage lenders, TD Canada Trust, has declined to match the full half percentage point cut in interest rates announced by central banks in several countries. The retail banking arm of Toronto-Dominion Bank (TSX ...
Standard Pacific Homes Continues Their Award Winning Tradition - Carolina NewswireRALEIGH, N.C. -- Standard Pacific Homes won silver for their Emery B plan in the Brightleaf at the Park neighborhood. The accolades were given out this past Tuesday night at the Durham, Orange and Chatham County awards dinner for the Parade of Homes ...

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Today's Mortgage Terms starting with I
Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
Initial Rate: The rate charged for the first interval of an ARM loan.
Interest: Compensation in the form of money paid for the use of money.
Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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