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Today's Mortgage Terms starting with M Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender. Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property. Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market. Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services. Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance). Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default. Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity. Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment. Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment. View all Terms

Washington home equity loans news:

Mnuchin Leads Private-Equity Funds to Buy Failed IndyMac Bank - Bloomberg
Jan. 3 (Bloomberg) -- Private-equity investors led by Steven Mnuchin , a former Goldman Sachs Group Inc. executive, agreed to buy IndyMac Bank from the Federal Deposit Insurance Corp. and inject $1.3 billion in cash, a rare purchase of a failed ...

News & Media Photos Videos Google Web Search VindyWheels VindyJobs ... - Vindicator
The average rate for a 30-year mortgage is 5.01 percent. WASHINGTON (AP) — Rates on 30-year mortgages fell to a record level for a fourth straight week, dropping to the lowest mark since Freddie Mac started tracking the data nearly 28 years ago ...

GMAC Adds Loans as U.S. Injects $6 Billion to Aid GM (Update2) - Bloomberg
Dec. 30 (Bloomberg) -- GMAC LLC , bolstered by a $6 billion federal bailout, resumed lending to General Motors Corp. customers with lower credit scores as the U.S. stepped up efforts to keep the automaker in business. The Treasury said yesterday it ...

Consumer borrowing falls by $7.94B in November - Caspar Star-Tribune
WASHINGTON - Consumers cut back on their borrowing by a record amount in dollar terms in November, another sign of trouble for the rapidly weakening economy. The Federal Reserve reported Thursday that borrowing on credit cards, and for such things as ...

Lenders Are Backlogged by Refinancing Rush - Washington Post
Borrowers are rushing to refinance their mortgages at record low rates but face unexpected delays as swamped lenders struggle to cope with the surge at a time when layoffs have sharply cut staffing. Bank of America , which started shedding 7,500 ...

Mortgage rates hit record low again - Contra Costa Times
WASHINGTON — Rates on 30-year mortgages fell to a record level for a fourth straight week, dropping to the lowest mark since Freddie Mac started tracking the data nearly 28 years ago. Rates have been falling since late November, when the Federal ...

Failed US home loans bank IndyMac sold for $14 bn - Daily News and Analysis
WASHINGTON: A group of private investors has agreed to buy for nearly $14 billion the collapsed home loans specialist IndyMac Bank, the third-largest bank to fail since the US government began insuring deposits in 1934. The group is headed by Steven ...

GMAC receives $5B in bailout funds - Associated Press
WASHINGTON (AP) -- The Treasury Department said Monday that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., from the $700 billion bank rescue program. The government will receive preferred ...

Obama women arrive in Washington - WFMJ.com
A college student dressed in a vintage German military uniform who was fatally shot by police early New Year's Day was a harmless, eccentric history buff, his family and friends say. A Portuguese woman who lived to see five of her great-great ...

Late Loan Payments Hit Record High - WBOC
BOSTON (AP) - Late payments on consumer loans in last year's third quarter hit the highest level since record-keeping began in 1980, the American Bankers Association said Wednesday. The association said delinquencies rose to a seasonally adjusted 2.9 ...