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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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Union mortgage loans news:

Wage, holiday cuts coming for Globe's union drivers - Boston Globe
The Boston Globe said yesterday that it reached a two-year agreement with the newspaper's nearly 200 union drivers to cut wages 5 percent and eliminate all 10 of their paid holidays, starting in 2009. Globe senior vice president Greg Thornton said ...

Government plans new credit, mortgage programs - Times Union
WASHINGTON -- The government introduced a pair of new programs Tuesday that will provide $800 billion to help unfreeze the market for consumer debt and to make mortgage loans cheaper and more available. The new programs from the Federal Reserve and ...

Fed says it will buy mortgage-related assets - Times Union
WASHINGTON -- The Federal Reserve says it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis. The Fed says it will purchase up to $100 billion in direct obligations from mortgage giants Fannie ...

Credit crunch hits small firms - Detroit Free Press
Ann St. Peter, who owns Pinwheel Bakery in Ferndale, always figured that people would cut out the $100 dinners at fancy restaurants in trying economic times. But when she opened her bakery about 18 months ago, she never imagined that colorful cookies ...

Spanish Car Sales Speed Downhill - Forbes
With Spain's housing sector in crisis and consumers under pressure, it's no surprise that car sales fell 49.6% in November, the biggest monthly drop since January 1993 when sales slipped 51.4% during Spain's last recession. November sales fell to 63 ...

Housing: Government to underwrite mortgage loans - Scotsman.com
ortgages are packaged up and sold by lenders to raise money, has been a key factor in the drying up of mortgage funding. Ministers need European Union approval before implementing the scheme. But, the delay could be costly, the Council of Mortgage ...

GM, Ford, Chrysler CEO jobs may hinge on bailout plan - Arlington Heights Daily Herald
General Motors Corp. Chief Executive Officer Rick Wagoner and his counterparts at Ford Motor Co. and Chrysler LLC will put their jobs on the line this week when they try to convince Congress they can save their companies. U.S. House Speaker Nancy ...

GM, Ford, Chrysler CEO Jobs May Hinge on Bailout Plan (Update3) - Bloomberg
Dec. 1 (Bloomberg) -- General Motors Corp. Chief Executive Officer Rick Wagoner and his counterparts at Ford Motor Co. and Chrysler LLC will put their jobs on the line this week when they try to convince Congress they can save their companies. U.S ...

Matter Of Records: December 1 - Wichita Falls Times Record News
Kell Propane vs. M.A. Flaharity, 199 Homestead Ln., $211.40, V3308 P579. AT&T Advertising LP vs. Bruce Harris, 3002 Speedway, $4,396.00, V3308 P853. The Estate of Richard Lynn Fanchier, et al, vs. Wichita Falls Care Center Inc., 7473 Row 25, Orland ...

Feds rescue Citigroup with $20 billion cash infusion - Union
WASHINGTON (AP) -- Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of possible losses at the stricken bank and to plow a fresh $20 billion into the company. Regulators hope the dramatic action will bolster badly ...