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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. View all Terms

Will refinance mortgage news:

Is It Time To Refinance Your Mortgage? - Forbes
Looking to refinance your mortgage? Do it now. Interest rates for 15- and 30-year fixed-rate mortgages are heading south of 5%, where they haven't been since Richard Nixon was president. Average 15-year fixed-rate loans, for example, are 4.67 ...

Don't miss the refinance window - HometownAnnapolis.com
CHICAGO - Lured by low mortgage rates, many homeowners have been rushing to refinance. Interest is gaining for good reason: Eligible borrowers can lock in rates that haven't been this attractive in decades. "With interest rates hovering around 5 ...

The very good reasons to refinance - Boston Globe
When I wrote about the hidden cost of the additional years of mortgage payments, several people wrote in with very good reasons to refinance anyway. Today, let’s discuss those: Cash flow: Paying less on mortgage every month gives you more money in ...

Should you refinance? - Fayetteville Observer
Janiece Brewer hasn’t been asked to crunch so many numbers since the housing boom of 2005. But instead of working with potential new homeowners, the inquiries at her mortgage loan company have been about refinancing as interest rates sink to record ...

US set for further mortgage rates fall - Financial Times
US mortgage activity slipped last week, however mortgage rates for home owners are on track to fall much further as the Federal Reserve implements its plan to buy securities. The latest weekly data from the Mortgage Bankers Association on Wednesday ...

Refinance rush - Baltimore Sun
T he economic turmoil of 2008 has left few bright spots, but here's one: Mortgage rates have plummeted. Rates on 30-year, fixed loans are hovering around 5 percent - the lowest level since Freddie Mac began tracking rates in 1971. Some economists ...

Mortgage rates fall to third straight record low - Associated Press
WASHINGTON (AP) -- Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring. With the Federal Reserve on the verge of pouring hundreds of billions of ...

Mortgage rates...huh? - San Francisco Examiner
You hear a rate drop announced on the news. You make a mental note to call your mortgage broker. It must be time to refinance, right? There’s a very simple answer to that question…maybe. I am not an economist. My head starts to spin when people ...

Situations determine refinancing - Fayetteville Observer
Should you refinance? It depends on your situation. How much do you still owe? How long do you expect to stay in your home? Are lower payments a priority? Janiece Brewer, owner of Liberty Point Mortgage and vice president of the Mortgage Bankers ...

Non-Agency Mortgage Bonds Rallied as Rates Declined (Update2) - Bloomberg
Jan. 5 (Bloomberg) -- U.S. mortgage bonds without government support rose last month, as efforts by the Federal Reserve and Treasury Department to lower home-loan rates boosted investor demand. Securities initially rated AAA and backed by prime ...