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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.

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Jackson mortgage rates news:

Bernanke: lower interest rates are ‘‘feasible’’ - Jackson Sun
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 ...

Feds pledge $800B to loosen credit - Jackson Sun
WASHINGTON - Rolling out powerful new weapons against the financial meltdown, the Bush administration and the Federal Reserve pledged $800 billion Tuesday to blast through blockades on credit cards, auto loans, mortgages and other borrowing. Total ...

Granholm finally can stop blaming Engler - MLive.com
JACKSON — After looking through the Voice of the People recently, a couple of thoughts come to mind. 1. After almost six years of Gov. Jennifer Granholm, how could anyone still be blaming John Engler for the problems in Michigan? Does the finger ...

Treasury Yields Drop to Record Lows as Bernanke Cites Buybacks - Bloomberg
Dec. 1 (Bloomberg) -- Treasuries rose, pushing yields to record lows, as Federal Reserve Chairman Ben S. Bernanke said the central bank may purchase Treasuries and target long-term interest rates to combat the deepening recession. Bonds rallied for a ...

The House Folds: The Housing Market and Irrational Exuberance - Nation
Nicholas von Hoffman : Forget big bailouts. The fed should finance non-profit state banks like the Bank of North Dakota--no profit means no reason for bankers to misbehave--to get real money to real people in the real economy. Max Fraser : The ...

The Madness of Crowds - Commentary Magazine
Fueled by easy credit, the real-estate market had been rising swiftly for some years. Members of Congress were determined to assure the continuation of that easy credit. Suddenly, the party came to a devastating halt. Defaults multiplied, banks began ...

Five-day rally sends Dow up 16.9%, most since '32 - Nashville Tennessean
NEW YORK — Wall Street climbed again Friday, wrapping up its biggest five-day rally in more than 75 years, even as investors digested signs of a bleak holiday season for retailers and fears that a flurry of reports next week will show more economic ...

Obama weighs names for top posts - Salon
Sen. Hillary Rodham Clinton, D-N.Y., former first lady and one-time Obama rival for the Democratic presidential nomination. Denny Blair, retired admiral and former commander of the U.S. Pacific Command. Former Rep. Tim Roemer, D-Ind., and member of ...

Some Good Economic News in Time for the Holidays ... - StreetInsider.com
PHILADELPHIA, Nov. 26 /PRNewswire/ -- Ms. Susanne Svizeny, Wachovia's regional president for Greater Philadelphia and Delaware, officially handed over a check for $40,000 during a ceremony at 802 N. Broad, head quarters of SafeHome Philadelphia. A ...

Daily Dose: Equity alternative - Topeka Capitol-Journal
Roger Stirrett uses a home equity line of credit to improve his house and full-service hair salon in Topeka. "It's a very good tool," said Stirrett, owner of the Hair Port, 1015 N.W. Topeka Blvd. "I've paid it off two or three times. I have a $2,000 ...