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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

Union mortgage rates news:

UK's Brown to press banks to cut interest rates - WTOP Radio
LONDON (AP) - British Prime Minister Gordon Brown said Friday he will be pressing bankers to pass on lower interest rates to consumers after the Bank of England moved to reduce its key lending rate to the lowest level since 1951. The Bank of England ...

TransUnion: 3Q mortgage delinquencies shoot higher - Boston Globe
NEW YORK— The percentage of people who are two months behind on their mortgages shot up in the third quarter from the same period last year, according to credit reporting agency TransUnion LLC. For the quarter ended Sept. 30, 3.96 percent of people ...

Bernanke: lower interest rates are 'feasible' - Times Union
WASHINGTON -- Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year. The Fed ...

New Fed program spurs interest - Orlando Business Journal
Central Florida lenders were barraged with calls last week from homeowners seeking mortgage refinancing information after the Federal Reserve Board committed $800 billion to shore up the housing sector. That’s because the Fed’s move caused fixed ...

Banks to be forced to pass on interest rate cuts on tracker mortgages ... - Daily Mail
Mortgage lenders who use small print to avoid passing on any interest rate cuts could be forced to give their customers the full benefit of any cut, a City watchdog ruled today. The Financial Services Authority said that major lenders, including ...

Extra Help With Mortgage Arrears - Ananova
The Government has announced plans to help families struggling to keep up with their mortgage payments stay in their homes. Under the scheme households that have temporarily lost their income will be able to defer mortgage interest payments for up to ...

Italy to Limit Mortgage Rates as Part of EU80 Billion Plan - Bloomberg
Nov. 28 (Bloomberg) -- The Italian government will make one-time cash payments to Italy’s poorest families and force banks to limit mortgage rates as part of an 80 billion-euro ($102 billion) economic-stimulus plan. The plan, initially announced ...

TransUnion: 3Q credit card delinquency rate rises - Boston Globe
NEW YORK— The percentage of people who were delinquent on their credit card payments rose in the third quarter from the same time last year, while average debt per borrower jumped 7.7 percent, according to credit reporting agency TransUnion LLC ...

Mortgage Delinquencies Up in 3rd Quarter - KFYR-TV
A credit reporting agency says the percentage of people who are two months behind on their mortgages was up in the third quarter from the same period last year. TransUnion LLC says nearly 4 percent of the people holding a mortgage were at least 60 ...

AP IMPACT: US diluted loan rules before crash - Times Union
WASHINGTON -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient ...