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News about Mortgages:
Region sees double-digit jobless rates - Times & DemocratOrangeburg, Bamberg, Barnwell and Allendale counties had double-digit unemployment rates for August -- and Calhoun wasn’t far back. The August jobless figures for The T&D Region followed the statewide pattern with increases of 1 percent or more ...
City leaders maintain focus on high-accident intersection - Times & DemocratStill with concerns about speeding through the high-traffic Chestnut Street-Columbia Road intersection, Orangeburg City Council agreed Tuesday to continue monitoring changes already made and recommendations included in the South Carolina Department ...
List of 400 richest has a few with ties to S.C. - Charleston Post & CourierForbes magazine's annual tally of the 400 wealthiest Americans shows that no full-time South Carolina residents had the minimum $1.3 billion required for admission to this exclusive club. But the list once again included a handful of Forbes 400 ...

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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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