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News about Mortgages:
Jeffersonville Bancorp posts $2.2M loss in third quarter - Times Herald-RecordJEFFERSONVILLE — Jeffersonville Bancorp posted a massive loss in the third quarter, the result of a failed investment in mortgage giant Freddie Mac. The parent company of The First National Bank of Jeffersonville lost $2.2 million, or 52 cents per ...
Banks go after Cash - 1960 SunA Coffee County man who spent two months on the Federal Bureau of Investigation’s Missing Persons List has returned home to face numerous legal battles with millions of dollars at stake. Pete Cash of Elba and his wife Mary Benton Cash are named as ...
Monroeville business owner from Derry allegedly flees - Pittsburgh Tribune ReviewThe FBI has seized the financial records of a defunct Monroeville investment firm owned by a missing man who allegedly bilked investors out of millions of dollars. Frank Guzik Jr., 39, a Derry resident who operated East Haven Development until he ...
Today's Mortgage Terms starting with C
Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
Collateral: Property pledged as security for a debt.
Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
Credit Bureau: It is a clearinghouse for credit history information.
Credit Report: A report containing a detailed credit history of an individual.
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