Variable Mortgage (6-month to 1 year terms are most common):
With this type of mortgage the interest rate is directly linked to the money market rates and can fluctuate on a weekly or daily basis. While this is usually the best rate available, long-term upward swings in interest rates could be quite costly. On the plus side, long-term downward interest rate swings could mean la... : Variable Mortgage (6-month to 1 year terms are most common):
blanket mortgage
A blanket loan, or blanket mortgage, is a mortgage lient securing several parcels of property, frequently used by developers who have purchased a single tract of land intending to subdivide into individual parcels. The developer normal requires a 'partial release' clause so that individual parcels can be released from the blanket mortgage... : blanket mortgage
30-Year Mortgage Rates at 7 Month High
WASHINGTON (Reuters) - U.S. interest rates on 30- and 15-year mortgages rose to their highest levels since last August, according to a report issued on Thursday by mortgage finance company Freddie Mac. U.S. 30-year mortgage rates rose to an average of 5.85 percent in the week ended March 10 from 5.79 percent in the previous week. It was the ... : 30-Year Mortgage Rates at 7 Month High
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 making their mortgage payments shoul... : Mortgage Delinquency
Thomson to Sell Media Group for $350 Mln
OTTAWA (Reuters) - Thomson Corp. (TOC.TO: Quote , Profile , Research ) said on Friday it will sell its media division to investment group Investcorp in a $350 million cash deal that will tighten its focus on electronic publishing. Thomson Media, which had 2003 revenues of about $170 million, is the publisher of more than 50 trade publications,... : Thomson to Sell Media Group for $350 Mln
Buy House Mortgage Resources
Check out our great buy house mortgage information.
A type of insurance policy written by a private company protecting the mortgage lender against loss resulting from a mortgage default; typically used if the borrower's down payment is less than 20 percent of the home's purchase price.... : Private mortgage insurance (PMI)
Mortgage Applications Rise Last Week
NEW YORK (Reuters) - New applications for U.S. home loans rose last week to their highest level since late April, even as mortgage rates increased, 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 ended on Oct. 29 from the previous week's 7... : Mortgage Applications Rise Last Week
Graduated-payment mortgage (GPM)
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)
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 maturities, but most balloons that are first mortgages have a term of 5 to 7 years. At the end of the loan term there is still a remaining principal loan balance and the mortgage com... : Balloon mortgages
Home Equity Loans
Home Equity Loans - There are a number of different loans available to home owners. One of the more popular loans is a home equity loan. A home equity loans is essentially a second mortgage on a residence. Home equity loans are generally used to make improvements to a home -- add an addition, renovate a basement -- or to help the borrower pay down an existing debt that has a high interest rate.In order to g... : Home Equity Loans
