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News about Mortgages:
Kentucky banks remain a sound investment - Ledger IndependentDespite the current national financial crisis, officials with area banks say their institutions remain financially solid and that loans for new homes and cars are available for credit-worthy customers. According to Bank of Maysville officer and State ...
Feds move to steamline help process for homeowners - Ledger IndependentWASHINGTON - In the most sweeping effort so far to help troubled homeowners, the federal government and the mortgage industry on Tuesday will announce a plan to streamline the assistance process for hundreds of thousands of delinquent loans held by ...
Korean immigrant-investor ventures out to West End - Atlanta Journal ConstitutionLet other Korean investors pour money into Gwinnett County's new "Little Korea." Suna Om is an inner-city gal – a kind of Korean-American ambassador on the streets of the West End. The real estate developer bought a corner of the southwest Atlanta ...
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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