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News about Mortgages:
GMAC Now Finds Silver Lining In Ailing ResCap Mortgage Unit - CNN MoneyNEW YORK -(Dow Jones)- Now that GMAC LLC has become a bank holding company, there is a silver lining to its ownership of a money-losing mortgage subsidiary. Becoming a bank holding company, as GMAC did Dec. 24 , has breathed new life into the efforts ...
Local officials find silver linings in economic storm clouds - Sharon HeraldWhile the news lately has been full of stories about job losses, company closings, mortgage foreclosures and federal government bailouts, local officials said there are some silver linings in the storm clouds. “There are some successes,” John ...
Home loan applications pile up - San Jose Business JournalSteve Donahue says loan applications at Tech Credit Union are up more than 1,000 percent compared to a year ago. A “tremendous” surge in residential mortgage applications is a welcome boost not only for a battered industry, but also for an ...
Silver lining for some bank customers - MarketwatchPALM BEACH GARDENS, Fla. (MarketWatch) -- Despite some dire financial predictions for 2009, good news is in store for savvy consumers -- if you have good credit and are proactive at looking for banks' deals and perks. One example: Low mortgage rates ...
The right side of history - Globe and MailYesterday, Robert Silver made a bunch of salient points in responding to Brian Topp/me. Here though is one I wasn't that crazy about. “Whatever you want to say about the frame and the anti-business policies that accompany it, it is hard to argue ...
State to offer mortgage help to Morristown workers - Bridgeton NewsPeople who work in Morristown now may get a shot at living here, too, under a state program that will be announced on Wednesday. The Live Where You Work Program will offer low-interest mortgages and help with down payments and closing costs to low ...
Leaders see silver lining for 2009 N.C. economy - News 14RALEIGH – Local economists in downtown Raleigh Wednesday have high hopes for the state's 2009 economy. During the annual Economic Forecast Forum, co-hosted by the N.C. Chamber of Commerce and the N.C. Bankers Association, Wachovia economist John ...
UPPER E. SIDE BODEGA HERO - New York PostA scrappy deli worker stopped a serial Upper East Side bodega robber in his tracks by wrestling away the thief's gun during a fierce battle, police said yesterday. The 26-year-old employee got the better of Omar Peña, also 26, as the bandit tried to ...
Mortgage crisis here may be worse than reported - Buffalo NewsDorothy Gary never lost her home, but the senior citizen’s oversized 24 percent mortgage rate brought her awfully, awfully close. Gary got help, but only after learning that seven years of uninterrupted monthly payments had barely made a dent in ...
Woes continue for Farwell's Mountain festivals; bank sets foreclosure ... - Grand Rapids PressKimberly Megoran has her own way of dealing with the fall of Farwell's Mountain Country and Rock festivals. "I poured everything in a song, 'Already Gone,' " said the events' former publicist, one of many who walked away heartbroken and unpaid when ...
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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