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News about Mortgages:
Seattle police unit reaches out to the mentally ill - Seattle Post Intelligencer(Editor's Note: This article has changed. Sgt. L.J. Eddy's name was spelled incorrectly in the original version of this article.) The former social worker on Ravenna Avenue Northeast used to help the vulnerable. Now, she's the one who needs help ...
2008 Gift Guide: Big boxes to make your holidays bright - Cleveland Plain DealerThere are plenty of excuses, if you want them. The mortgage crisis. The credit squeeze. The weather (it was 60 degrees on Friday). The traffic lights on Euclid take too long to turn green. But let's face it: You and I and Aunt Ida aren't going to ...
Financial literacy a way to stay out of debt - Ann Arbor News BlogIf the recent Wall Street meltdown of the credit markets taught any lessons for those on Main Street, it might be that someone with $30,000 in annual family income can't afford a $300,000 house. That's a lesson that Muskegon's Wondresha Bass learned ...
Economic pressure requires you to better cope with stress - Cleveland Plain DealerDon't panic. That's the advice we hear from every financial expert regarding our current economic crisis. No one however, is telling us how to accomplish this task. The current state of the American economy has everyone's anxiety at an all-time high ...
Chaos and Bargains at Foreclosure Auctions - KUOWHome foreclosures in Washington are up over 100% from one year ago. The housing downturn has generated bargain hunters, and businesses offering to help them. Realtors say buyers can find bargains at foreclosure auctions, but those buyers must be able ...
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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