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Today's Mortgage Terms starting with A
Accrued Interest: Interest earned but has not been paid
Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.
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The latest
Mortgage News:
Urstadt Biddle Properties Inc. Announces the Acquisition of the ... - MSN MoneyCentralUrstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has purchased the Veteran ’ s Plaza Shopping Center in New Milford, Connecticut for $10.3 million. In conjunction with the purchase, UBP assumed an existing first mortgage ...
Urstadt Biddle Properties Inc. Announces the Acquisition of the ... - ForbesUrstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has purchased the Veteran's Plaza Shopping Center in New Milford, Connecticut for $10.3 million. In conjunction with the purchase, UBP assumed an existing first mortgage of $3 ...
Integrity Bank in Georgia is 10th to fail - Los Angeles TimesThe Federal Deposit Insurance Corp. said Integrity Bank of Alpharetta, Ga., had become the 10th U.S. bank to fail so far this year. Regions Bank of Birmingham, Ala., is assuming all of Integrity Bank's $974 million in deposits and about $34.4 million ...
RBS firm hires new employees - Greenwich TimeRBS Greenwich Capital, a Greenwich-based fixed-income firm owned by the Royal Bank of Scotland, is expanding its mortgage business with the addition of 16 professionals to its mortgage-backed securities team, 15 of whom are coming from Bear Stearns ...
McCain picks Alaska Gov. Palin as running mate - Miami HeraldPalin's first scandal began as family feud In Alaska, Palin known for charging into battle against long odds Palin backs oil drilling in wildlife refuge Palin's first scandal began as family feud McCain picks Alaska Gov. Palin as running mate In ...
Defining banking stocks _ the good and the bad - ForbesRonald Hermance, head of Hudson City Bancorp , has never made a subprime loan. His bank doesn't keep risky mortgage securities on the books, and is headed toward another record year of profits. Nonetheless, Hermance's Paramus, N.J.-based savings bank ...
People's Seeks Targets, Borrowers to `Cherry-Pick' (Update2) - BloombergAug. 28 (Bloomberg) -- People's United Financial Corp. , the largest New England-based lender, is seeking acquisitions after steering clear of the subprime-mortgage market, and can ``cherry- pick'' borrowers abandoned by cash-strapped banks. The bank ...
No Wachovia layoffs in Middle Tennessee - Nashville Business JournalReport: BofA to buy back $43M in auction-rate securities [Jacksonville] Report: BofA to buy $43M in auction-rate securities [Los Angeles] Staying busy [Memphis] Middle Tennessee has escaped a large company-wide layoff of workers from Wachovia Corp ...
30-year mortgage rates fall to 6-week low of 6.4% - Boston GlobeRates on 30-year mortgages fell for the second straight week, declining to the lowest level in more than a month. Freddie Mac , the mortgage company, reported 30-year, fixed-rate mortgages dropped to 6.40 percent this week, on average, down from 6.47 ...
Fannie, Freddie Debt-Sale Scrutiny `Pointless,' Barclays Says - BloombergAug. 28 (Bloomberg) -- Scrutinizing Fannie Mae and Freddie Mac weekly short-term debt auctions for signs that the government-chartered companies can't fund themselves is ``pointless'' because the sales are unlikely to fail, according to Barclays ...
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