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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
Portage home equity loans news:
Financial News
Slashed lines of credit puzzle, anger some homeowners - Kalamazoo Gazette
MENDON TOWNSHIP, MI -- Already angered by a taxpayer-funded $700 billion bailout of the nation's financial industry, some homeowners' frustration with banks has sharpened recently as they've seen their home equity lines of credit reduced or canceled ...

Cuyahoga County land tax delinquencies jump up - Cleveland Plain Dealer Blog
Plain Dealer File Cuyahoga County has 18.700 properties with tax delinquinces. Almost twice the number recorded in 2002. In its annual list of new tax delinquencies, Cuyahoga County on Tuesday published 18,700 properties -- more than any other year ...

'Once-in-a-century credit tsunami' - Edmonton Sun
WASHINGTON -- U.S. regulators told the U.S. Congress yesterday they're 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 ...

Loonie under 78 cents - Winnipeg Sun
TORONTO — The Toronto stock market sustained a deep triple-digit loss late Monday morning as worries about a world-wide recession depressed commodity stocks. The S&P/TSX composite index dropped 222.3 points or 2.4 per cent to 9,071.79, after ...

McCain believers push to get voters - Akron Beacon Journal
Sharon Morris volunteered with Sen. John McCain's campaign after he picked Alaska Gov. Sarah Palin as his running mate. Morris, 63, who had never been politically active, went to the Summit County Republican headquarters — doubling as McCain's ...

Corrections and clarifications - Milwaukee Journal Sentinel
An article Friday in Weekend Cue about John Osmanski, founder of Osmanium's Crackheads chocolate-covered espresso beans, incorrectly stated that one box of Crackheads is equivalent to six cups of coffee, 7 1/2 energy drinks or 11 cans of cola ...

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