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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

Saint Louis mortgage loans news:

Trustee alleges brokers bribed fund manager - CNN Money
NEW YORK (Fortune) -- A lawsuit filed in the wake of the spectacular explosion of a once-sleepy cash management firm in the summer of 2007 is pointing to a corrupt business relationship between its head trader and some brokers as the basis for its ...

Jurors hear confession tape in Randolph murder trial - Newark Star-Ledger
After police caught Jonathan Zarate and two teen-agers trying to dump a trunk containing a Randolph girl's beaten and dismembered body into the Passaic River in Rutherford, Zarate told an investigator he had found his next-door neighbor dead. "I ...

Credit Still Tight as Europe Scrambles, Fed Boosts - KSDK
NEW YORK (AP) -- The jammed credit markets barely budged Monday as European governments scrambled to prop up their failing banks and investors waited for details on how, exactly, the Treasury will go about buying $700 billion of U.S. banks' mortgage ...

Paulson says troubled assets will not be purchased - KMOV
WASHINGTON (AP) -- Urgently shifting course, the Bush administration is abandoning the centerpiece of its massive $700 billion economic rescue plan and exploring new ways to shore up not only banks but credit-card, auto-loan and other huge nonbank ...

Tightened credit terms could hurt credit scores - KMOV
NEW YORK (AP) -- Don't throw out that letter from your credit card company. It may be notifying you of a reeled in credit line, interest rate hike or even an account closure. In this recessionary climate, credit card companies across the board are ...

US scraps plan to acquire banks' toxic debt - Times Online
The US Government has torn up plans to use part of its $700 billion bailout package to acquire banks' toxic debts in favour of sinking resources into a mass capital rescue of stricken lenders and other financial businesses. Henry Paulson, the US ...

Ten Women to Watch in Europe, the Middle East and Africa - Wall Street Journal
AGE 49 TITLE Chief Executive COMPANY Burberry Group LOCATION U.K. Angela Ahrendts' goal to make Burberry an "affordable luxury brand" will be put to the test over the next year as the global financial crisis begins to hit even high-spending luxury ...

Barack Obama asks internet users to e-mail their policy ideas - Times Online
Barack Obama launched the official website for his transition to the White House today, inviting users to send in their ideas for the future of the country. It is a ploy that he hopes will harvest tens of millions of e-mail addresses while giving ...

Palin clothing bill up, poll standing down - Boston Globe
The John McCain-Sarah Palin campaign is striking back at a report about money spent on Palin's appearance. Politico reported that the Republican National Committee spent $150,000 to clothe and accessorize Palin since she was picked by McCain in late ...

What is the single most important ramification of the election? - Atlanta Journal Constitution
Before I tackle this week’s topic, I must first congratulate Barack Obama. Even the election of a man with whom I deeply disagree makes me proud to be an American. I will probably object to his policy priorities, but the ascendance of our first ...