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 ... : Balloon mortgages
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 as they... : blanket mortgage
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 ended on Oct. 29 from the previous week's 703.9. Thirty-year mortgage rates, excluding fees, averaged 5.65 percent, up 0.11 percentage point from the previous we... : Mortgage Applications Climb Last Week
U.S. 30-, 15-Year Mortgage Rates Rise
WASHINGTON (Reuters) - Interest rates on U.S. 30-year and 15-year mortgages edged higher this week amid signs the economy is improving, stoking inflation concerns, mortgage finance company Freddie Mac said on Thursday. U.S. 30-year mortgage rates rose to an average of 5.82 percent in the week to Oct. 7, up from 5.72 percent a week ea... : U.S. 30-, 15-Year Mortgage Rates Rise
Top Fannie Mae Execs Step Down
By Mark Felsenthal WASHINGTON (Reuters) - The chief executive and chief financial officer of U.S. mortgage finance giant Fannie Mae stepped down late on Tuesday after regulators exposed accounting errors that are expected to force a massive earnings restatement. Fannie Mae's board of directors announced that CEO Franklin Raines was retiring and Chief Financial Officer Timothy Howard was resigning. After months of drama abo... : Top Fannie Mae Execs Step Down
Company House Mortgage Resources
Check out our great company house mortgage information.
What is Private Mortgage InsurancePrivate mortgage insurance (PMI) is a policy that protects lenders who make loans to individuals who want to buy or refinance a home, but are unable to come up with the required 20% down payment.Private Mortgage Insurance Facts:PMI plays a valuable role in expanding home ownership.With PMI, families can pur... : Private Mortgage Insurance
reverse mortgage
A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.The loan is not due and payable until the borrower no longer occupies the home as ... : reverse mortgage
Mortgage Applications Down Last Week-MBA
NEW YORK (Reuters) - Applications for U.S. home mortgages decreased last week as rising interest rates led to a sizable decrease in refinancing activity and purchasing, an industry group said on Wednesday. "The increase in mortgage rates has reduced application activity across the board, particula... : Mortgage Applications Down Last Week-MBA
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 cost... : Mortgage Delinquency
Orders, House Data Shows Economy on Track
By Alister Bull WASHINGTON (Reuters) - U.S. economic growth stayed on track in September, with stronger durable goods orders and positive news from the housing sector on Wednesday bolstering views the Federal Reserve will raise interest rates again. This impression was reinforced by a separate assessment from the U.S. central bank's "beige book" -- an anecdotal look at ec... : Orders, House Data Shows Economy on Track
