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News about Mortgages:
Sir Fred Goodwin willing to step down to help RBS - Times OnlineSir Fred Goodwin, the beleaguered chief executive of Royal Bank of Scotland, has let it be known that he will stand down if necessary to secure a rescue capital injection for the bank. Sir Fred is understood to be determined that his continuation in ...
Tories promise stimulus, but not until new year - Globe and MailKevin Desmoulin from Canada writes: Robert Loblaw from Canada writes: Can you imagine Dion's throne speech if he had been elected? Reality Check, The Conservatives and Steven Harper got elected again. Put up or shut up, stand up or take a walk again ...
Housebuilders fear meltdown - Sunday HeraldANDREW MICKEL, the chairman of the housebuilders' trade body Homes for Scotland, has issued an impassioned plea to Scotland's local authorities to exempt developers from up-front costs. He also gave a stark warning that the near-meltdown in the ...
Tight money, big stakes - The Chronicle HeraldFinance Minister Jim Flaherty and his provincial colleagues want to develop a plan to deal with a Canadian economy that has slowed to a crawl and isn't expected to recover until 2010. The meeting also comes as manufacturers in Ontario and Quebec shed ...
The reckoning: How the global meltdown will affect Scotland - ScotsmanAFTER the chaos, the true cost is beginning to emerge. The painful price that thousands of Scottish families will have to pay following the wildfire which tore through the world's markets last week was becoming clearer last night. omist is predicting ...
Wind at Tories’ backs - The Chronicle HeraldAGAINST a backdrop of blackening economic skies, fresh job numbers and signs of life in the polls filled Stephen Harper’s sails Friday as the Liberal campaign boat ran briefly aground on a rocky TV interview with Stephane Dion. The government moved ...
Rattled Salmond comes out fighting - ScotsmanALEX Salmond led the Nationalist fightback on the economics of independence yesterday, declaring Scotland would not just have survived the credit crisis but could thrive as a small independent country within Europe. The First Minister used his ...
Today's Mortgage Terms starting with B
Bankruptcy: A legal procedure in a federal court to relieve certain debts of a person or a business that is no longer able to pay its debts. Chapter 7 bankruptcy removes all debts. Chapter 13 lets a borrower with and income to pay bills off over a set period of time.
Bearer: The legal owner of a property.
Bill of Sale: A document that details the transfer of property.
Biweekly Mortgage: A mortgage with payments due every two weeks, totaling 26 payments a year, two payments more than a mortgage with monthly payments. The two extra payments lowers significantly the interest paid over the life of the mortgage.
Blanket Mortgage: A mortgage that includes more than one piece of real estate
Borrower (Mortgager): An individual who makes an application for and receives funds in the form of a loan and is obligated to repay the loan in full under the conditions of the loan.
Broker: An individual who gets buyers and sellers together and helps in negotiating contracts for a client.
Buy-Down Mortgage: A mortgage loan with a lower than market rate for a determined period of time.
Buyer’s Market: Market conditions that favor buyers. When there are more properties for sale than buyers, sellers may be forced to provide price discounts to close the transaction.
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