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.... : Mortgage Applications Climb Last Week
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 the end of the loan term th... : Balloon 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 total loan amount allowed. This type of non-conforming loan is often referred to as a Jumbo mortgage. ... : Conforming & Non-Conforming Mortgages
30-Year Mortgage Rates at 7 Month High
WASHINGTON (Reuters) - U.S. interest rates on 30- and 15-year mortgages rose to their highest levels since last August, according to a report issued on Thursday by mortgage finance company Freddie Mac. U.S. 30-year mortgage rates rose to an average of 5.85 percent in the week ended March 10 from 5.79 percent in the previous week. It was the highest level for 30-year mortgage rates since a matching 5.85 percen... : 30-Year Mortgage Rates at 7 Month High
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 about Fannie Mae's operating methods, the Securities and Exchang... : Top Fannie Mae Execs Step Down
House Mortgage Tree Resources
Check out our great house mortgage tree information.
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balan... : Balloon mortgage
Insured or High-Ratio Mortgage
With a high-ratio mortgage the purchaser has less than a 25% down payment. These mortgages are often referred to as NHA mortgages because they are ed under the provisions of the National Housing Act. You can borrow up to 95% of either the purchase price or the appraised value of the property (whichever is less) but are required by law to insure the mortgage and pay a one-time insurance premium based on the total value of t... : Insured or High-Ratio Mortgage
Jumbo mortgage
A mortgage loan larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.... : Jumbo mortgage
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 have a roof over your head while you’re recuperating. If you lose your job for... : Mortgage Protection Insurance
Freddie Mac 2004 Profit Plunges
By Kristin Roberts WASHINGTON (Reuters) - Freddie Mac (FRE.N: Quote , Profile , Research ) , the mortgage funder pushing to emerge from an accounting scandal, on Thursday said 2004 profit fell about 40 percent on losses on contracts used to hedge against interest rate risk, but it showed improvement ... : Freddie Mac 2004 Profit Plunges
