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Today's Mortgage Terms starting with C Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction. Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction. Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan. Collateral: Property pledged as security for a debt. Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive. Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits. Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature. Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period. Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action. Credit Bureau: It is a clearinghouse for credit history information. Credit Report: A report containing a detailed credit history of an individual. View all Terms

Washington mortgage loans news:

Investors buy $558 million in mortgages from FDIC - Miami Herald
WASHINGTON -- A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the ...

U.S. Banks Offer Mortgage Rates Below 5% as Fed Buys Securities - Bloomberg
Jan. 8 (Bloomberg) -- The largest U.S. banks are starting to offer fixed home loans below 5 percent after the government began buying mortgage securities to bolster the housing market. JPMorgan Chase & Co. is advertising 30-year mortgages as low as 4 ...

US mortgage rates fall to lowest level in decades - Newstrack India
Washington, Jan 1 (DPA) Mortgage rates for 30-year-fixed home loans in the US fell for the ninth straight week and to their lowest level in 37 years, according to a report released Wednesday by financier Freddie Mac. The rate dropped in the final ...

Is he still talking? Paulson Recommends Nixing Freddie and Fannie 1/8 - Washington Post
Treasury Secretary Henry M. Paulson Jr. today called for abolishing Fannie Mae and Freddie Mac and replacing them with highly-regulated utilities that would play a more narrow role in supporting the U.S. housing finance system. In what the Treasury ...

Homebuilders push housing aid plan - International Herald Tribune
WASHINGTON : With lawmakers angling to pass an economic recovery package by the middle of next month, desperate homebuilders from around the country flew to Washington to spend Wednesday pushing a $150 billion plan to revive the housing market. The ...

Mortgage applications remain at 5-year highs - Long Beach Press-Telegram
WASHINGTON - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans. While low rates are a great opportunity for borrowers with ...

Investors buy $558 million in mortgages from FDIC - Miami Herald
WASHINGTON -- A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the ...

Borrowers jump on low mortgage rates - Denver Post
WASHINGTON — Rates on 30-year mortgages fell to 5.1 percent, and borrowers took advantage of the drop, sending new applications soaring. With the Federal Reserve on the verge of pouring hundreds of billions of dollars into the devastated U.S ...

Wells Fargo Completes Wachovia Purchase - Post Chronicle
Wells Fargo & Co said it has completed its roughly $12.7 billion purchase of Wachovia Corp, a big bet that it properly assessed the risks in Wachovia's huge book of mortgage and real estate loans. The merger closed on Wednesday and more than doubles ...

Mortgage applications remain at 5-year peak - Minneapolis Star Tribune
WASHINGTON - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of lower rates and rushed to refinance their homes. While low rates are a great opportunity for borrowers with solid ...