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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

Smith refinance mortgage news:

Facilities facilitate - Economist.com
YESTERDAY, the Federal Reserve announced $800 billion in new facilities designed to support consumer lending. The bulk of the total, $600 billion, will be used to provide credit to mortgage lenders. Apparently, the announcement had an effect : Rates ...

Bailouts and rescue efforts keep coming - Marketplace.publicradio.org
Tess Vigeland: Thanksgiving week is generally a pretty quiet one in the world of finance. The turkeys on Wall Street take a breather to consume one of their own. But not this year. No, this week one of the nation's largest banks Citigroup teetered on ...

Printing presses work overtime to save economy - Times Online
A long weekend is coming to an end in America. On Thursday we celebrated Thanksgiving day by consuming more than 250m turkeys. Millions watched the Detroit football team lose its eleventh consecutive match – it is headed for an all-loss 16-game ...

November 2008 - Weblogs.baltimoresun.com
Reader Dave sends this nice letter to Obama's change.gov Web site, a propos of Saturday's column on layoffs. Dear President-elect Obama, Normally, I do not comment or send letters to elected officials, but since we are all looking for positive change ...

House Race Update: Ohio Sup. Ct. to Rule on Franklin County Votes - ABC News Blogs
ABC News' Teddy Davis and Arnab Datta Report: A federal appeals court ruled Tuesday that the Ohio Supreme Court -- and not a federal district court -- is the proper forum to decide how approximately 1,000 challenged provisional votes should be ...

Troubles spread to prime Md. mortgages - Baltimore Sun
The share of Maryland homeowners behind on their prime mortgages shot past 4 percent for the first time this spring, a sign that loan troubles are spreading beyond borrowers with shaky credit. More than 36,000 prime loans in Maryland were delinquent ...

Worries grow on mortgage funds - The Age
FEARS are growing the crisis in the nation's $12 billion mortgage fund sector could soon spill into the broader property market, with developers and home buyers at risk of having a key funding tap shut off. The Federal Government last night brought ...

Arizona mortgage failures fuel crisis - Arizona Daily Star
1. A borrower takes out a loan from a lender to buy a home or to refinance. The borrower makes payments to the lender or a servicing company, which may buy the rights to receive payments. 2. The lender pools the loan with other loans and sells them ...

House Call - CNBC
We asked Gary Vaynerchuk of Wine Library TV to tell us about his favorite brands of Bourbon, Irish Whiskey and Single Malt. A senior staffer for the Federal Reserve said the Fed is not seeing signs that problems in the subprime mortgage market are ...

Organizing a Big Bank Bailout - US News and World Report
When Lehman Brothers revealed September 18 that subprime-related troubles would lead to a $700 million write-down of its earnings, the market sent its stock soaring some 10 percent. It was a classic case of "bad news is really good news." Investors ...