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)
Jumbo mortgage
A mortgage loan larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.... : Jumbo mortgage
Length of Second Mortgage
Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with the individual mortgage company and select one that offers terms that best suit your needs. For example, if you need to borrow $20,000 to make repairs on your home, you may not want a loan that requires you to repay the entire amount in one or two years because the monthly payments may be too hi... : Length of Second Mortgage
Mortgage Applications Decreased Last Week
NEW YORK (Reuters) - Applications for U.S. home mortgages dropped last week as refinancing and purchasing activity slumped in a holiday shortened week, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 10.6 percent to 605.7 in the week ended Dec. 31, after falling 1.7 percent... : Mortgage Applications Decreased Last Week
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 get a home equity loan, the borrower must have su... : Home Equity Loans
Hold House Mortgage Resources
Check out our great hold house mortgage information.
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... : Balloon mortgages
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)
Mortgage Protection Insurance
Mortgage protection insurance is a great form of insurance to have if you have purchased a home or a vacation property, and if you still owe money on your mortgage. That is because mortgage protection insurance kicks in and pays your mortgage if for any reason you are unable to do so.
If you get injured and can’t work to pay the bills, mortgage protection insurance will at least guarantee that you ... : Mortgage Protection Insurance
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 what their monthly costs will be until th... : Fixed-rate mortgages
Making the Most of Those Deductions
By Linda Stern WASHINGTON (Reuters) - Income taxes are the price we pay for our civilization, as Oliver Wendell Holmes once said. But there's no point in going overboard. It's good to aim at paying what you're supposed to -- and not more. Some take that idea to excess. This week, federal agents c... : Making the Most of Those Deductions
