a mortgage loan which provides for initial lower monthly payments, with payment amounts increasing gradually over a period, usually up to 10 years, under the assumption that the borrower's income will also rise during the period. ... : graduated-payment mortgage
Interest Only Mortgages
This is just what it says. You only pay interest, the principal is never reduced.This is the grand daddy of all balloon mortgages and you taking a big risk that your house depreciates in value rather than the other way around.You could very well have to come up with extra cash at closing.The payments are much lower than on a normally amortized mortgage and if you have the discipline, it can be a useful financial planning tool.... : Interest Only Mortgages
Private Mortgage Insurance
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 purchase homes with as little as 3-to-5 percent down payment on a home.Nearly 1 million people... : Private Mortgage Insurance
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 ... : Balloon mortgages
Risky real estate moves
Risky real estate moves Put nothing down and don't worry much about monthly payments -- what's the worst that can happen? March 7, 2005: 5:36 PM EST By Sarah Max, CNN/Money senior writer SALEM, Ore. (CNN/Money) – The American spirit of "buy now and pay later" - or never -- has been a driving force behind this unprecedented housing market. Gone are the days of saving a hefty down payment and striving to pay off your house in 30 yea... : Risky real estate moves
House Light Mortgage Resources
Check out our great house light mortgage information.
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 mortgag... : CLOSED MORTGAGES / FIXED RATE MORTGAGES
Conforming & Non-Conforming Mortgages
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 to... : Conforming & Non-Conforming Mortgages
Mortgage delinquencies
Tuesday, February 01, 2005
Mortgage delinquencies down for conventional loans, but up in other categories
Mortgage delinquencies for conventional loans in 2003 dropped from the 2002 figures, according to the latest numbers available to mortgage bankers. Arthur Cox, director of the Real Estate Education... : Mortgage delinquencies
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 p... : Length of Second Mortgage
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, including American Banker and The Bond Buyer, as well as electronic databases. The Toronto-based publisher, which hired Morgan... : Thomson to Sell Media Group for $350 Mln
