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News about Mortgages:
Home owned by elections official appears headed to auction - Chronicle-TelegramELYRIA — Unless an 11th hour sale of his home is approved by banking officials, county Board of Elections Director Jose Candelario Jr. could soon find his Lorain home on the auction block. A mortgage lending company first sought to foreclose on the ...
Foreclosures declining slightly in Lorain County - Morning JournalELYRIA — The amount of foreclosure complaints filed in Lorain County totaled 2,235 in 2008, down 16 from 2007, according to Clerk of Courts Ron Nabakowski. However, a large number of properties are winding up on the auction block for sale. Lt ...
'OUR VIEW' EDITORIAL: It’s wise to help self avoid foreclosure ... - Morning JournalNo comments posted. Wall Street may be getting bailed out, but on the streets of Lorain County the foreclosure problem is still turning ordinary people’s lives upside down. Foreclosure rates in the county barely dipped between 2007 and 2008, but ...
Cuyahoga County braces for deluge of property value appeals - Cleveland Plain Dealer Blog• Property owners have until March 31 to challenge 2008 valuations for tax bills. • Pick up the standard state form for appealing the value at the county Board of Revision or download it from the board's Web site. When you fill out the form, you ...

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Today's Mortgage Terms starting with D
Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
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