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Dream of home ownership comes true - Daily JournalVolunteers break ground for the 11th Habitat for Humanity home in St. Francois County. Cindy Dotson, far right, will be the owner. - Teresa Ressel / Daily Journal FARMINGTON — One Habitat for Humanity project is starting up as another is wrapping ...
Metro/State briefs - Detroit NewsLANSING -- Michigan will lead a class-action lawsuit against investment bank Bear Stearns over losses to state pension funds and other investors. Michigan alleges that Bear Stearns and five current and former executives misled investors about ...
TRUMBULL COUNTY - VindicatorJerry D. Ladd Jr., 32, of 112 Westgate Drive, Newton Falls, and Carol J. Oller, 30, of same. James E. Exline, 25, of 4773 Fifth Ave., Youngstown, and Candina M. Chamberlain, of same. Charles Zajaczkowski, 50, of 186 W. Main St., West Farmington, and ...
Home prices take record fall - Detroit NewsNEW YORK -- Home prices dropped by the sharpest annual rate on record in October and there are no signs the housing pain is over, according to a closely watched index released Tuesday. The Standard & Poor's/Case-Shiller 20-city housing index fell by ...
Tough times - Sun-JournalHow bad is it getting? The numbers don't look good in Maine. But there's hope in staying flexible, leaning on support services and spending smart. At one point last week, Community Concepts workers frantically scrambled to answer the agency's phones ...
Wisconsin foreclosure filings rise 21.5%, hit record in 2008 - Milwaukee Journal SentinelForeclosure experts say the worst probably isn't over because unemployment is spreading in the weak economy. In addition, one said, more frustrated homeowners could decide to quit making mortgage payments on homes that are worth less now than when ...
Mo. lawmakers look to divert new casino tax money - Columbia MissourianJEFFERSON CITY — Just weeks after voters approved a casino ballot measure, Missouri lawmakers are looking to redirect the money that had been earmarked for the state's school funding formula. Some lawmakers want to divert the money to raise teacher ...
Today's Mortgage Terms starting with D
Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
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