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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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The latest
Mortgage News:
McCain's Mortgage Plan Calls for Lowering Rates for Homeowners - BloombergOct. 10 (Bloomberg) -- Republican John McCain 's plan to refinance distressed home loans includes cutting mortgage rates to just above 5 percent for troubled borrowers, an adviser said. ``We certainly want to get the rates down,'' McCain senior ...
How Countrywide-BofA mortgage settlement helps California homeowners - San Francisco GateMonday, October 6, 2008 The pact stems from cases filed earlier this year by California and other states, alleging the Calabasas (Los Angeles County) lender used misleading advertising and unfair business practices to dupe customers into taking out ...
Mortgage relief deal - Chicago Sun-TimesNearly 11,000 Illinoisans with Countrywide mortgages -- most of them in the Chicago area -- are expected to get help to avoid foreclosure after Countrywide's new owner, Bank of America, agreed to an $8.7 billion settlement with Illinois and 10 other ...
Countrywide to pay $10M for bad loans - Detroit NewsMore than $9.8 million will be paid to assist Michigan homeowners who have lost their homes to foreclosure and nearly 10,000 residents will be able to refinance their mortgages at lower rates under a nationwide settlement between Countrywide ...
Deal to help 21,000 in state keep homes - Chicago TribuneIllinois, California and at least six other states have reached an $8.8 billion settlement of their lawsuits against Countrywide Financial , the biggest subprime mortgage lender, in a deal that should help some 21,000 Illinois residents keep their ...
McCain's Mortgage Bailout Plan - BusinessWeekAnyone sitting down to watch the second Presidential debate on Tuesday night, Oct. 13, had to wonder what answers the two candidates would have for the nation's unfolding financial calamity. Earlier that day the Dow Jones industrial average had ...
McCain mortgage plan would bail out homeowners - Los Angeles TimesWASHINGTON -- Seeking to turn around his faltering campaign, John McCain unveiled a dramatic proposal Tuesday to bail out homeowners struggling to pay their mortgages. In the second presidential debate, the Republican nominee -- who has railed ...
Experts skeptical of McCain's plan for government mortgage purchases ... - NewsdayWASHINGTON (AP) _ Ordering the government to buy up bad mortgages to cut homeowners' monthly payments might sound good, but experts are skeptical. They say the plan John McCain is promoting is unlikely to solve the housing crisis that's pushing the ...
BofA OKs foreclosure relief for Californians - San Francisco Gate(10-06) 18:58 PDT -- More than 120,000 struggling California homeowners could see their monthly mortgage payments lowered after Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with ...
Candidates Spar Over McCain Plan for Loans - Washington PostResize The mortgage proposal became the latest point of strife between two campaigns that have tried to turn discussions about the economic crisis into questions about their opponent's fitness for office. Echoing a theme of the past several days ...
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