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News about Mortgages:
University Bancorp Wins FastTrack Award - MSN MoneyCentralUniversity Bancorp, Inc. (NASDAQ: UNIB) has received a FastTrack Award from Ann Arbor SPARK. Founded in 1997, FastTrack is an annual program sponsored by Ann Arbor SPARK recognizing companies in Washtenaw County for outstanding business success. The ...
Boom time for shredders - The Columbus DispatchTim Oberst, owner of Ohio Mobile Shredding, said his company was the first of its kind in Columbus in 1987, and he has watched the business boom. Identity theft hurts consumers, and it can cost companies that have put private data at risk thousands ...
Business Briefcase - Salem NewsBrightview Danvers, a new rental retirement and assisted-living community at 50 Endicott St., recently celebrated its grand opening with a ribbon-cutting ceremony attended by town officials. Hand in Hand Massage recently celebrated its opening at a ...
News Neediest Fund aims to make holidays brighter - Buffalo NewsThe 27th season of The News Neediest Fund kicked off Tuesday, but the phones started ringing long before. The calls are from parents who anticipate a lean Christmas and are reaching out to The News Neediest for help providing a decent holiday meal ...
Ron Grzywinski and Mary Houghton | community bankers - US News and World ReportIn the midst of the subprime mortgage crisis, most bankers are fleeing from at-risk homeowners. But a bank in gritty south Chicago is running toward them with open arms. ShoreBank is courting low-income homeowners threatened by exploding adjustable ...
Loaning to build the future - Daily Mining GazetteHOUGHTON - Ed Burger knows what it takes to build a successful business. Burger is the founder and president of Midwest Loan Services of Houghton. He opened the business in 1991 on the third floor of the City Centre with the vision of providing ...
We still need places to live - Guardian UnlimitedYou'd think it was optional, the way housing is treated by those in charge of making sure we have enough of it. One minute Gordon Brown says we need to build 3m homes before 2020, the next he's allowing the construction industry to contract to a ...
University Islamic Financial Corporation Joins AAOIFI, the Global ... - Market WireANN ARBOR, MI--(Marketwire - November 12, 2008) - University Bank ( NASDAQ : UNIB ) today announced that its 80% owned subsidiary, University Islamic Financial, has joined AAOIFI, the global Islamic Finance accounting standards setting organization ...
Single-sex classrooms minimize distractions at two Buffalo schools - Buffalo NewsAttending one of only two Buffalo public schools that feature single-sex classrooms presents a dilemma for Antonio Williams. “The best part about this is that your grades will go up,” said Antonio, a seventh-grader at Houghton Academy School 69 ...
A call to aid the financial system - Boston GlobeLate Monday afternoon, in a quiet office at the US Treasury in Washington, D.C., State Street Corp. chief executive Ronald Logue placed a call he never expected to make. Logue had been summoned to the capital personally by Treasury Secretary Henry ...
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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