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.

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El Paso home equity loans news:

Apple, Chimera, Exxon Mobil, Liz Claiborne: U.S. Equity Preview - Bloomberg
Oct. 24 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading today. Stock symbols are in parentheses, and share prices are as of 9 a.m. in New York, unless otherwise specified. Energy stocks dropped as crude oil fell ...

U.S. is working on plan to help homeowners refinance - El Paso Times
WASHINGTON -- Federal regulators told Congress Thursday that they were working on a plan that could help many distressed homeowners escape foreclosure in a global financial crisis that former Federal Reserve Chairman Alan Greenspan warned will get ...

Jobless claims drop from 7-year high - El Paso Times
WASHINGTON—New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, though they remain at elevated levels that indicate recession. Initial claims for jobless benefits dropped 20,000 to ...

Obama Trounces Clinton In Potomac Primaries - US News and World Report
Barack Obama easily won yesterday's primary elections in Virginia, Maryland and the District of Colombia. CNN reports Obama topped Hillary Clinton 60%-37% in Maryland. In Virginia, Obama won 64%-35%, while he won DC 75%-24%. The AP reports its count ...

Lenders, borrowers in city encounter mild, if any, strife - Colorado Springs Gazette
The credit crisis roiling Wall Street and big financial institutions worldwide has yet to have a major impact on at least some of the day-to-day borrowing and lending that helps fuel the economy in the Pikes Peak region. Folks are still getting home ...

Colorado Crossing developer in debt - Colorado Springs Gazette
The developer of Colorado Crossing has failed to pay about $10 million she owes to more than two dozen construction industry companies for work they've done on her ambitious commercial and residential project on Colorado Springs' far north side ...

WBKO Hometown Hero - WBKO
WASHINGTON (AP) -- Congressional Democrats are marshaling support for a rescue package to pump $25 billion in emergency loans to U.S. automakers in exchange for a government ownership stake in Detroit's car companies. That may lead them into a ...

Indian teen thrown under train for writing love letter - USA Today Blogs
A 15-year-old boy was beaten, mocked and then thrown in front of a moving train Tuesday in eastern Bihar state, according to The Times of India . His crime? Falling in love with a girl from a different caste. "Fifteen-year-old Manish Kumar was ...