Real Mortgage Rates and Information Online from competing Lenders

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3 charged in mortgage fraud scheme - Detroit Free Press
A former Detroit cop and a city property appraiser have been indicted in a multimillion dollar mortgage fraud case, the U.S. Attorney’s Office said today. Former Detroit Police Officer Pierre Greene, 27; city tax assessor Jacque Miller, 37; and ...

Canada PM doesn't see U.S.-scale mortgage crisis - Reuters
OTTAWA, Sept 7 (Reuters) - Canadian Prime Minister Stephen Harper said on Sunday he did not think the country would be hit by a mortgage crisis of the kind that is afflicting the United States. "In Canada the financial positions of our governments ...

US mortgage giants Freddie Mac and Fannie Mae taken into public ... - Guardian Unlimited
The US government today announced the biggest financial bailout in the country's history as it took troubled mortgage giants Freddie Mac and Fannie Mae into temporary public ownership to save them from collapse. The US treasury secretary, Henry ...

Paulson Engineers U.S. Takeover of Fannie, Freddie (Update3) - Bloomberg
Sept. 7 (Bloomberg) -- The U.S. government seized control of Fannie Mae and Freddie Mac after the biggest surge in mortgage defaults in at least three decades threatened to topple the companies making up almost half the U.S. home-loan market. ``Our ...

WRAPUP 3-US government takes over Fannie Mae, Freddie Mac - Reuters
WASHINGTON, Sept 7 (Reuters) - The U.S. government on Sunday seized control of mortgage finance companies Fannie Mae (FNM.N: Quote , Profile , Research , Stock Buzz ) and Freddie Mac (FRE.N: Quote , Profile , Research , Stock Buzz ), launching what ...

Fannie, Freddie: Feds Step In - BusinessWeek
With the nation riveted on what the next President will do, the current Administration showed on Sept. 7 that it's not ready to take its hands off the economy's steering wheel quite yet. The Bush Administration announced that it had seized control of ...

City employees accused in mortgage scheme - Detroit News
DETROIT -- A former Detroit police officer and a city appraiser are among three defendants named in a $2.1 million mortgage fraud and real estate "flipping" indictment announced Friday by the U.S. Attorney's Office in Detroit. More than 35 Detroit ...

How Fannie and Freddie seizure affects homeownership - The State
Treasury Secretary Henry Paulson on Sunday moved to take control of Fannie Mae and Freddie Mac, which operated like private companies but had enjoyed implicit government backing until their seizure. The move aimed to bolster the complex workings of ...

Treasury seizes Fannie Mae, Freddie Mac to bolster housing market - The State
Treasury Secretary Henry Paulson, Jr. arrives for a news conference in Washington, Sunday, Sept. 7, 2008 on the bailout of mortgage giants Fannie Mae and Freddie Mac. http://www.federalreserve.gov/newsevents/press/other/20080907a.htm http://www.treas ...

U.S. Mortgage Foreclosures, Delinquencies Reach Highs (Update3) - Bloomberg
Sept. 5 (Bloomberg) -- Foreclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell ...

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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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