New London Mortgage Rates and Information Online from competing Lenders
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News about Mortgages:
Global Nov factory PMI slumps to new record low - ForbesLONDON, Dec 1 (Reuters) - Global manufacturing activity contracted for the sixth consecutive month in November, falling to a record low, but easing price pressures will provide some relief to central banks, a survey showed on Monday. The JP Morgan ...
Merkel: All options open for German economic help - Associated PressBERLIN (AP) -- German Chancellor Angela Merkel said Monday she is leaving "all options open" to stimulate Germany's flagging economy, but repeated she still does not favor immediate tax changes. Speaking at a party convention in Stuttgart, Merkel ...
Struggling families given six-month reprieve as RBS delays ... - Times OnlineBorrowers who fail to maintain mortgage repayments will be given a six-month breathing space under a plan due to be announced today by the Royal Bank of Scotland. The bank, which owns NatWest, is expected to promise not to repossess homes for six ...
British lending growth slowed in October - The StateLONDON -- Britons took out fewer mortgages and reined in spending in October as the economic downturn intensified, the Bank of England said Monday. Net lending to individuals grew by 1.3 billion pounds ($2 billion) in October - just a third of the ...
Mortgage lending down again - Evening StandardMortgage lending fell again during October after the market saw a slight rebound in September, figures showed. Net mortgage lending, which strips out redemptions and repayments, was £2.9 billion during the month, down from £3.5 billion in September ...
London Scottish debt-collection arm for sale - Times OnlineErnst & Young is preparing to sell Robinson Way, London Scottish Bank's profitable debt collection business, after being appointed to run the failed sub-prime lender and savings provider yesterday. It is understood that the administrator is preparing ...
Price of oil falls below US$51 as OPEC doesn't cut output - Edmonton SunOil prices fell over six per cent Monday, to below US$51 a barrel, after OPEC decided not to cut production at an informal meeting in Cairo on Saturday and on more evidence the global economic slowdown will hurt demand for crude. By midday in Europe ...
UK charities brace for 2009 fundraising shortfall - Miami HeraldLONDON -- The British Red Cross has canceled its winter fundraising ball - and that's just the tip of the iceberg. British charities are expecting a fundraising shortfall next year as corporations donate less, investments fall in value and ...
British manufacturing contracts at record pace - Associated PressLONDON (AP) -- British manufacturing activity contracted at a record pace during November as new orders collapsed, a closely-watched survey found Monday, stoking expectations that the Bank of England may slash its benchmark interest rate by a full ...
Government says in talks with banks on strategy and boards - MSN UK NewsLONDON (Reuters) - The company set up to manage the government's bank holdings said it was in talks with lenders about their strategy, just as the biggest beneficiary of the government's banking bailout pledged to delay home repossessions. UK ...
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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