Allen Mortgage Rates and Information Online from competing Lenders

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Paulson Says Utility Model Better For Fannie, Freddie - The Bulletin
Treasury Secretary Henry Paulson recommended replacing Fannie Mae and Freddie Mac with utility-like companies that would guarantee mortgages without maintaining investment portfolios. “A public utility-like mortgage credit guarantor could be the ...

Fed begins purchasing mortgage securities - Globe and Mail
allen graham from BobcaygeonMazatlan, Canada writes: What a sad commentary on the marketplace that the Fed Reserve has to bail out FannieMae. Since that "lender" was originally created to guarantee mortgages. Blame will be in all directions, but what ...

City to use $7 million on housing glut - Fort Wayne Journal Gazette
City officials want to make it easier to rehab and reside in foreclosed homes to help ease the area’s housing glut. Paul Spoelhof, Fort Wayne senior planner, Monday told a group of Fort Wayne neighborhood association presidents how the city plans ...

Increase in arson not tied to dip in economy - News-Leader.com
The economy is stumbling, foreclosures are up and an increasing number of home and business owners are in over their heads. Reports of arson, too, are on the rise. Common sense suggests a connection, but fire officials say it isn't that simple. "We ...

Matter of Record, January 5 - Wichita Falls Times Record News
State Farm Mutual Automobile Insurance Co. vs. Joshua Eric Melton, 4118 Palomino, $4,616.49, V3317 P802. County of Williamson vs. Travis A. Holland, et al, 1419 N. 7th, $2,025.29, V3318 P20. Gant, Kenneth Adrian, Wichita County, Chapter 7, Date Filed ...

Charities suffer after holidays - Daily Citizen-News
You’ve lost your job. The mortgage on your home is late. And you can’t find a job — anywhere. What do you do? Fortunately, the charities and ministries that worked so hard to meet needs during the holiday season are still here. But people and ...

Credit and Debt - Chicago Tribune
A customer bought groceries at a Frederick store yesterday and walked out, but not before accidentally dropping a bag of crack cocaine while at the cash register, authorities said. Employees of Bloom grocery, in the 2000 block of Yellow Springs Road ...

New archbishop of Detroit prays for 'hope' - Buffalo News
The new spiritual leader of the Detroit area's 1.4 million Roman Catholics is a Michigan native who is invoking a city slogan about hope as he takes charge of a region tangled in economic woes. Bishop Allen H. Vigneron said he was honored and ...

Quail Valley developer James MacNaughton fondly remembered - Fort Bend Star
The man who built Missouri City, James H. MacNaughton, has passed on at the age of 86. He will forever be remembered for having developed the first master-planned community, Quail Valley, in Missouri City and Fort Bend County. Missouri City Mayor ...

Stocks Slump on Poor Jobs, Earnings News - MSN MoneyCentral
U.S. stocks closed sharply lower Wednesday. Profit warnings from Intel (INTC) and Time Warner (TWX) gave investors reasons to sell into recent market gains, as did an ADP survey showing a 693,000 plunge in U.S. private sector payrolls in December ...

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Today's Mortgage Terms starting with C

  • Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
  • Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
  • Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
  • Collateral: Property pledged as security for a debt.
  • Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
  • Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
  • Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
  • Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
  • Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
  • Credit Bureau: It is a clearinghouse for credit history information.
  • Credit Report: A report containing a detailed credit history of an individual.
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