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News about Mortgages:
Madison-based Great Wolf could lose Ohio resort, report says - Wisconsin State JournalMadison-based Great Wolf Resorts could lose its two-year-old resort in Mason, Ohio, if it can't renegotiate its mortgage by the end of this month, the Business Courier of Cincinnati reported. A dried-up credit market seems to be the culprit, the ...
The Littlest Mortgage Crisis Victims - Washington PostThe long arm of the global financial crisis reached down into Morena Parada's preschool classroom, where a little girl named Joeli Arias-Lopez painted bright green and orange splotches on an oversize easel and pronounced it a house. The 4-year-old ...
Loan Modifications For Banks Could Mask Future Losses - CNN MoneyNEW YORK -(Dow Jones)- Banks modifying mortgage terms for homeowners could actually undermine the banking industry's return to health by masking possible losses. Historical evidence suggests that even when lenders modify mortgage terms for at-risk ...
Local job-loss rate continued rise last month - Florida Times-UnionJacksonville's unemployment rate rose in October, with just about every sector of the local economy recording job losses over the past year. The unemployment rate in the Jacksonville metropolitan area - consisting of Duval, Baker, Clay, Nassau and St ...
Madigan suing a Plainfield company - Herald NewsCHICAGO -- A Plainfield company is among seven "so-called mortgage 'rescue' companies" that were sued Monday by Illinois Attorney General Lisa Madigan. Madigan said the companies were scamming vulnerable homeowners who are on the verge of foreclosure ...
Madigan sues 7 companies over mortgage schemes - St. Louis Business JournalIllinois Attorney General Lisa Madigan sued seven so-called mortgage “rescue” companies late Monday and warned consumers about an alarming rise in these scams that prey on vulnerable homeowners on the verge of foreclosure. Con artists targeted ...
Months after floods, some still waiting for aid - Nevada JournalDES MOINES - Months after floodwaters ruined Barb Holman's rural La Porte City home this spring, Holman is still waiting for an aid check that will allow her to fix up her home. She and her husband, both on disability insurance, lost all of the home ...
Florida's jobless level hits a 15-year high of 7 percent in October - Fort Lauderdale Sun-SentinelThe jobless level in Florida hit a 15-year high of 7 percent in October, it was reported on Friday. And on the same day, President Bush extended jobless benefits up to 13 weeks to ease the pain of rising unemployment nationwide. Another three months ...
Months after floods, some are still waiting for aid - Waterloo Cedar-Falls CourierDES MOINES --- Months after floodwaters ruined Barb Holman's rural La Porte City home this spring, Holman is still waiting for an aid check that will allow her to fix up her home. She and her husband, both on disability, lost all of the home's ...
Months after flooding, some Iowans still wait for aid - Quad-Cities TimesBarb and Ronnie "Dean" Holman of rural LaPorte City, Iowa, stand in front of the FEMA trailer they've been living in since August after their home was damaged by floodwaters this spring. They're still waiting for flood aid that can repair their home ...
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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