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NY town lets seniors work off property taxes - for $7 an hour - KIMA TVGREENBURGH, N.Y. (AP) - Audrey Davison lives alone, gets a $620 Social Security check each month and worries about the sharply rising taxes on her four-bedroom house. Davison, 76, raised her family there and after 43 years, she really doesn't want to ...
Multiple bids on foreclosed properties could signal housing market's ... - MLive.comPaul Sakuma | The Associated Press file photo A sign in front of a foreclosed home is shown in Antioch, Calif., Thursday, Aug. 14, 2008. The number of homeowners stung by the dramatic decline in the U.S. housing market jumped last month as ...
Former PTO president pays $3,000 restitution - Butler EagleSAXONBURG — The former president of the Mars Elementary School Parent-Teacher Organization today paid back $3,000 she allegedly stole from the group to make a back payment on her mortgage. The restitution was part of the agreement reached between ...

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Today's Mortgage Terms starting with I
Index: An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.
Initial Rate: The rate charged for the first interval of an ARM loan.
Interest: Compensation in the form of money paid for the use of money.
Interest Rate Cap: Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.
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