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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

Polk mortgage rates news:

Fannie Mae dismisses mortgage for Akron woman - Akron Beacon Journal
The shots that 90-year-old Addie Polk fired into her chest as she was about to be evicted from her foreclosed Akron home were heard in Washington, D.C. On Friday, as Congress was preparing a bailout of Wall Street, Rep. Dennis Kucinich, D-Cleveland ...

US mortgage crisis: 90-year-old woman shoots herself to avoid eviction - Daily Telegraph
Addie Polk, of Ohio, is being treated in hospital after she was found lying on the floor by police who were trying to serve her an eviction order. She had shot herself in the shoulder. "It appears they're evicting her over her mortgage. She's lived ...

Mortgage battler, 90, attempts suicide - News.com.au
A 90-YEAR-OLD woman, facing eviction from the Ohio home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the US home mortgage crisis. Addie Polk was found lying on the floor of her home with what appeared ...

Ohio woman, 90, attempts suicide after foreclosure - Reuters
CINCINNATI (Reuters) - A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis. Addie Polk was found lying on the floor of her ...

Polk Street insulated from Wall Street - Amarillo Globe News
Lenders have tightened mortgage-loan standards in the wake of the current financial crisis. Banks will be looking for prospective buyers to provide a larger down payment and have a higher credit score. The good news is interest rates continue to drop ...

Foreclosure victim, 90, apparently shoots self - Akron Beacon Journal
At the age of 90, Addie Polk found herself in foreclosure this week, about to be forced from the home she's lived in for nearly 40 years. So, with a gun in her hand, the Akron widow apparently shot herself in the chest Wednesday afternoon as deputies ...

Ohio Woman, 90, Shot Herself after Kicked Out of Her House - eNews 2.0
Addie Polk, 90, has been living in her house in Ohio for 38 years when she tried to kill herself because she had been evicted. She shot herself and found lying on the floor inside her house when the police came on Wednesday to serve an eviction note ...

UPDATE: Bank of America settles suits over bad mortgages in Ohio ... - Akron Beacon Journal
Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people in Ohio and other states from losing their homes. Charlotte, N.C.-based Bank of ...

Subprime mortgage defaults rise in Salem - Statesman Journal
The consequences of the housing boom and subprime mortgage meltdown in the past several years is having substantial effects on Oregon's economy. Although Oregon and Salem did not have the hyper-appreciation of home prices like in hot markets in ...

90-year-old shoots self, saves home - Presstv
The 90-year-old Ohio woman who shot herself when deputies tried to evict her from her foreclosed home now owns her home thanks to Fannie Mae. Addie Polk of Akron is in a critical condition at Akron General Medical Center. She shot herself at least ...