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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Travis home equity loans news:

Support for consumer lending could curb predatory practices - USA Today
It makes no sense at all for the government to protect or increase the availability of credit card loans while allowing credit card issuers to continue to use unfair and deceptive practices," says Travis Plunkett, legislative director at the Consumer ...

Plan could curb predatory lending - Delaware Online
It makes no sense at all for the government to protect or increase the availability of credit card loans while allowing credit card issuers to continue to use unfair and deceptive practices," says Travis Plunkett, legislative director at the Consumer ...

Homebuilding expected to pick up - Killeen Daily Herald
Killeen area homebuilders, reassured recently that troop levels at Fort Hood will stay constant and eventually increase, are still biding their time on new construction to get some surplus inventory sold before they start aggressive building again ...

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 ...

UK plc battens down the refinancing hatches - Financial Times
The credit crunch continued to beset the construction industry yesterday as problems in obtaining loans affected builders and their clients. The lack of mortgage availability, local authority money stranded in Icelandic banks and other effects of the ...

European Stocks Fall on Economy Concern; Rio, Barclays Drop - Bloomberg
Oct. 16 (Bloomberg) -- European stocks fell, driving the Dow Jones Stoxx 600 Index to its biggest two-day drop since 1987, on growing concern bank bailout plans in the U.S. and Europe will fail to avert a global recession. Rio Tinto Group and Vedanta ...

Times get tougher for higher education - Orlando Sentinel
The past year has been rough for many Florida colleges and universities as the sagging economy put the squeeze on budgets -- and it looks as if the worst is yet to come. At public universities, more state-mandated cuts are likely before the end of ...

Why Credit Card Fees Are Going Up - Walletpop.com
(Nov. 11) - Tommy Newsom was shocked when his bank nearly doubled his credit card interest rate this year, to 27 percent, for no apparent reason. A customer rep told him the law allowed the bank to do so, and that was all the justification it needed ...

Why Banks Are Raising Credit Card Rates - 13 WMAZ
Tommy Newsom was shocked when his bank nearly doubled his credit card interest rate this year, to 27%, for no apparent reason. A customer rep told him the law allowed the bank to do so, and that was all the justification it needed. "I never missed a ...