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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

Washington home equity loans news:

Bernanke Says Government Must Step Up Efforts on Foreclosures - Bloomberg
Dec. 4 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the U.S. government must step up efforts to prevent home foreclosures, with options including buying delinquent mortgages and providing bigger incentives for refinancing loans. The ...

GM Chief Says He’d Accept Strict Conditions on Federal Bailout - Bloomberg
Dec. 5 (Bloomberg) -- General Motors Corp. Chief Executive Rick Wagoner told lawmakers he would accept strict conditions for a U.S. loan to stay afloat, including a promise to return the money and file for bankruptcy if his company doesn’t fulfill ...

Automakers' debt may be obstacle to federal loans - Associated Press
DETROIT (AP) -- They'll park some corporate jets, cut executive pay and serve up concessions from the United Auto Workers, but Ford Motor Co., General Motors Corp. and perhaps Chrysler LLC also will have to address massive debts to persuade a ...

GM says it needs $12 billion loans by late March - Associated Press
WASHINGTON (AP) -- General Motors Corp. said Tuesday it needs $12 billion in government loans to keep operating, telling Congress in a bluntly worded report that its collapse could have "severe, long-term consequences to the U.S. economy." GM said it ...

Advocates Warn Consumers About Auto Title Loans - Washington Post
Ella Butler got some fast cash last year to pay her back rent, but all it did was land her in more trouble. Butler took out an $1,800 loan in October 2007 using her 2000 Toyota Camry as collateral. Almost immediately she fell behind in payments, and ...

Senator pans loans to Chrysler if it's for sale - Ann Arbor News
DETROIT (AP) — A U.S. senator is questioning whether the federal government should loan money to Chrysler LLC, saying that the cash would just keep it in business long enough to be sold. Sen. Bob Corker, R-Tenn., a critic of the industry, said ...

Rate drops are of little help to many in California - Los Angeles Times
Home loan rates are near their lows for the year, reflecting optimism over government efforts to help the housing markets, but analysts see little help for the worst-off borrowers and people with jumbo mortgages. Freddie Mac, the government-backed ...

Local Auto Dealers Watching Bailout Plea - WKYT 27
WASHINGTON (AP) - Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive ...

JPMorgan axes 9200 Washington Mutual jobs - The Age
JPMorgan Chase & Co said it will cut about 9200 jobs at the former Washington Mutual, which on Sept 25 became the largest US bank to fail. The cuts amount to more than 21% of the workforce at Washington Mutual, which ended June with 43,198 employees ...

JPMorgan to cut 9,200 Washington Mutual jobs - International Herald Tribune
JPMorgan on Monday said it will eliminate about 9,200 jobs at the former Washington Mutual , which on Sept 25 became the largest U.S. bank to fail. The cuts amount to more than 21 percent of the workforce at Washington Mutual, which ended June with ...