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. The Mortgage Bankers Association s... : Mortgage applications fall sharply
Mortgage applications decrease as rates ease
NEW YORK (Reuters) - Applications for U.S. home mortgages decreased last week amid a sharp drop in purchasing and refinancing activity even as mortgage rates eased, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decreased 10.5 percent to 699.2, more tha... : Mortgage applications decrease as rates ease
Wraparound mortgage
A second mortgage which leaves the original mortgage in place. The wraparound mortgage is held by the lending institution as security for the total mortgage debt. The borrower makes payments on both loans to the wraparound lender, who in turn makes payments on the original primary mortgage. ... : Wraparound mortgage
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 total loan amount allowed. This type of non-conforming loan is often referred to as a Jumbo mortgage. ... : Conforming & Non-Conforming Mortgages
Greenspan Urges Curbs, More Fannie Problems Found
By Kristin Roberts WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan on Wednesday told Congress to curb the rapid growth of Fannie Mae and Freddie Mac to cut the risks the mortgage giants pose to the financial system, just as a U.S. regulator unveiled new accounting problems at Fannie. In tough testimony deliv... : Greenspan Urges Curbs, More Fannie Problems Found
House Mortgage Powder Resources
Check out our great house mortgage powder information.
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 wa... : Open Mortgage (6-month to 1 year terms are most common):
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 703.9. This is the highest level th... : Mortgage Applications Rise Last Week
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 total l... : 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
Equity
The difference between the value of a property and the amount of mortgage owed. ... : Equity
