A conforming mortgage refers to a mortgage that is drawn up within the guidelines specified by the lending institutions referred to as Fannie Mae and Freddie Mac. The most common reason for a mortgage to be referred to as non-conforming is because the total amount of the mortgage exceeds the lending limits or total loa... : Conforming & Non-Conforming 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 are sold.... : blanket mortgage
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 mortgage... : Open Mortgage (6-month to 1 year terms are most common):
CLOSED MORTGAGES / FIXED RATE MORTGAGES
The expression 'closed mortgage' originates from the 1980's when this type of mortgage was literally 'closed'. You contracted to the lender to make your payments for the term chosen, you could not pay anything additional, nor could you pay off the entire amount for any reason except the sale of your property. These days, there are many ways to pay down your mortgage principal quicker, though the name 'closed' mortgage still remains. See pre-p... : CLOSED MORTGAGES / FIXED RATE MORTGAGES
Greenspan: Curb Fannie, Freddie Growth
WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan on Wednesday urged Congress to curb the rapid growth of Fannie Mae and Freddie Mac, saying this was vital to cut the risks the mortgage finance giants pose to the U.S. financial system. In testimony prepared for delivery to the Senate Banking Committee, Greenspan said stiffer... : Greenspan: Curb Fannie, Freddie Growth
House Light Mortgage Point Resources
Check out our great house light mortgage point information.
NEW YORK (Reuters) - New applications for U.S. home loans fell last week as 30-year mortgage rates reached their highest levels in a month, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted market index, a measure of mortgage activity, fell by 4.5 percent to 727.3 for the week ended on Nov. 5 from the previous week's 761.7. Thirty-year mortgage rates, excluding fees, av... : Mortgage Applications Fall - MBA
Closed Mortgages
In a closed mortgage, the interest rate is locked in for the full term of the mortgage and you must pay compensation, known as pre-payment charges, to the mortgage lender to renegotiate the interest rate or pay off the balance prior to the end of the term. Closed mortgages are usually the better choice for buyers who suspect that interest rates may be on the rise and for those who are not planning to move... : Closed 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 are ... : blanket mortgage
Mortgage applications fall sharply
Mortgage applications fall sharply Industry group's survey says higher interest rates depress refinancing activity; purchases rise. March 2, 2005: 7:38 AM EST NEW YORK (Reuters) - Applications for U.S. home mortgages decreased last week as a sharp drop in home refinancing activity offset an increase in purchasing amid a rise in interest rates, an industry group said Wednesday... : Mortgage applications fall sharply
Income Protection Insurance
Income protection insurance protects the policyholder if his income is lost due to illness, accident, or unemployment. Not only can lost wages be protected under income protection insurance, but mortgage and other payments can be made to protect the policyholder’s credit rating if he finds himself without work.
Income protection insurance is not design... : Income Protection Insurance
