A mortgage loan requiring lower payments in early years than in later years. Payments increase each year until the installments are sufficient to pay off the loan.... : Graduated-payment mortgage (GPM)
reverse annuity mortgage (RAM)
an alternative mortgage loan program in which the lender makes periodic payments to the borrower. The loan is secured by the borrower's accumulated equity in the home. This type of loan is usually taken out by an older, retired person who has substantially paid for a home, and now needs additional income to live on. The borrower receives periodic payments from the lender, or from an annuity set up with the proceeds from the loan. The owner continues to live in the house until death, with the sa... : reverse annuity mortgage (RAM)
Mortgage Delinquency
What can Fannie Mae do to assist families who become delinquent in paying their mortgage?
First and foremost, Fannie Mae tries to avoid foreclosure. There are no winners when a home mortgage is foreclosed. It is the least desirable way to resolve a problem loan, and a terrible ordeal for the homeowner. It also is costly for Fannie Mae, as the investor, and for the loan servicer.
Homeowners who are having difficulties ... : Mortgage Delinquency
Balloon mortgages
Balloon loans are short term mortgages that have some features of a fixed rate mortgage. The loans provide a level payment feature during the term of the loan, but as opposed to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. Balloon loans can have many types of maturi... : Balloon mortgages
Fed Beige Book: Economic Growth Continued
WASHINGTON (Reuters) - The U.S. economy continued its expansion over the past month, with labor market conditions improving and business lending on the rise, the Federal Reserve said on Wednesday. "Reports from the 12 Federal Reserve Districts generally paint a picture of continued economic growth from mid-October to mid-November, with a number of areas improving," the Fed said in its "beige book" report. The report, which gives an anecdotal look at economic conditions from the perspecti... : Fed Beige Book: Economic Growth Continued
Bad Credit House Mortgage Resources
Check out our great bad credit house mortgage information.
Open Mortgage (6-month to 1 year terms are most common):
Allows borrowers to repay all or part of the principal amount of their mortgage at any time without penalty. You usually have to pay a higher interest rate for this type of mortgage since it offers greater prepayment flexibility. This flexibility makes open mortgages ideal for homeowners who plan to sell in the near future or who want to wait for rates to drop before locking into a longer-term mortgage. Unfortunately, open mortgages expose... : Open Mortgage (6-month to 1 year terms are most common):
Fixed-rate mortgages
Fixed-rate mortgages are traditionally the most popular type of mortgage in America. They are typically taken out over a 30-year period, but lengths of 15 to 25 years are also available. The interest rate and monthly mortgage payment on a fixed-rate mortgage remain the same throughout the entire life of the loan. The main advantage of a fixed-rate mortgage is that the borrower knows exactly ... : Fixed-rate mortgages
Mortgage Applications Climb Last Week
NEW YORK (Reuters) - New applications for U.S. home loans rose last week, even as 30-year mortgage rates increased from the previous week, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted market index, a measure of mortgage activity, rose by 8.2 percent to 761.7 for the week e... : Mortgage Applications Climb Last Week
What is a Blanket Mortgage?
A Blanket Mortgage is a type of mortgage can save a lot of time to those of you who have multiple plots of land. It allows you to place two or more plots of land under the same mortgage. This way you don’t have to get individual mortgages on each lot. For instance if you buy a huge plot of land and divide it into, we’ll say, 8 lots. Instead of getting individ... : What is a Blanket Mortgage?
What is the difference between term and permanent life insurance?
Term insurance provides you with coverage for a specific period of time. It pays a benefit only if you die during that term. Some term insurance policies can be renewed at the end of the period. Others give you the ability to reenter. Premium rates will increase at each renewal date or each reentry. Many policies require you to provide evidence of insurability at reentry i... : What is the difference between term and permanent life insurance?
