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News about Mortgages:
HMS Detroit gone for good - Windsor StarAMHERSTBURG -- The 25-year-old dream of a replica 19th century warship based in historic Amherstburg luring tourists, offering sunset cruises and sailing lessons to youngsters is finally dead. The replica hull of the HMS Detroit was towed Wednesday ...
Fannie, Freddie blind to the bubble - Buffalo NewsIn this July 2, 2008 file photo, a foreclosed home is seen for sale in Sacramento, Calif. A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing ...
Coverdell, gun joke, gas prices - Atlanta Journal ConstitutionIt’s no secret that I was a great fan of the late Paul Coverdell, the U.S. senator from Georgia who was destined for greatness until his premature death in 2000. One of the nicest and most unexpected tributes imaginable came this week in ...
JPMorgan, Facing Federal Probe, Exits Municipal Swaps (Update3) - BloombergSept. 4 (Bloomberg) -- JPMorgan Chase & Co. will stop selling interest-rate swaps to government borrowers in the $2.6 trillion U.S. municipal bond market roiled by an antitrust probe and the near bankruptcy of Alabama's most-populous county. At least ...
How Dry We Are - Common DreamsGeorgia's on my mind. Atlanta, Georgia. It's a city in trouble in a state in trouble in a region in trouble. Water trouble. Trouble big enough that the state government's moving fast. Just this week, backed up by a choir singing "Amazing Grace ...
How to Find the Best Loan Deals - US News and World ReportStick with the federal educational loan programs —Perkins and Stafford for students and PLUS for parents, says Stuart Siegel, a private counselor in Erie, Pa. While the federal loans have fixed rates ranging from 5 to 8.5 percent, private or ...
Glut of abandoned homes plagues Midwest - Traverse City Record-EagleCLEVELAND (AP) -- Judge Raymond Pianka views his courtroom as the emergency room of the foreclosure crisis. Weary of lenders and wholesalers who don't show up to answer to housing code violations like unsecured doors and windows on foreclosed ...
How can you help? - Crain's Cleveland BusinessOrganization purpose: The Legal Aid Society of Cleveland is the law firm for low-income individuals in Northeast Ohio, and its mission is to secure justice and resolve fundamental problems for those who are low income and vulnerable by providing high ...
What do you think of the Packers' picks? - Milwaukee Journal SentinelI don’t think the packers had that bad of a draft, I truly think they picked the best players available. I would have hated to see them reach for a receiver or TE just because they needed one. It is always funny to here so called experts on one ...
People on the Move - Pittsburgh Business TimesShawn McCullough joined Louis Plung & Co., located Downtown, as a senior II accountant. Varinder Gill and Stephanie Tawney joined the firm as staff accountants. In addition, Kendra Greenberg joined the firm’s support staff. Horovitz, Rudoy ...

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Today's Mortgage Terms starting with M
Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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