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... : Closed Mortgages
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 mortgages expose homeo... : Open Mortgage (6-month to 1 year terms are most common):
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 than offsetting the 9.4 percent gain during the previous week. The MBA's seasonally adjusted index of refinancing app... : Mortgage applications decrease as rates ease
Mortgage delinquency help
Q: My mortgage broker said that my credit score was poor (and the interest rate I had to pay was high as a result) because of a number of credit card delinquencies I had during the last year. So I paid off all the delinquent accounts and consolidated the remaining balances into 2 cards. But when I reapplied, my score was lower rather than higher! What is going on?
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A: Delinquencies reduce y... : Mortgage delinquency help
U.S. Stocks Climb on Higher Oil Inventory
By Anupama Chandrasekaran NEW YORK (Reuters) - U.S. stocks held solid gains on Wednesday afternoon as investors welcomed a sharp drop in oil prices after an unexpected rise in crude inventories last week, helping to ease worries about lower corporate profits. U.S. light crude (CLc1: Quote , Profile , Research ) fu... : U.S. Stocks Climb on Higher Oil Inventory
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 5.65 percent, up 0.11 percentage point from the previous week, ... : Mortgage Applications Climb Last Week
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 mort... : blanket mortgage
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 Program at the University of Norther... : Mortgage delinquencies
Second Mortgages
Secondary financing obtained by a borrower. They can be fixed in amount or take the form of a Home Equity Line of Credit, which is simply a revolving credit line secured by a house.Homeowners use these forms of financing to consolidate bills, do home renovations, put their kids through college, etc. They are tapping into the equity they have in their house to use for other things.This is not necessarily a great idea. You must take firm control of your finances when... : Second Mortgages
U.S. Fed Set to Nudge Interest Rates Up
By Tim Ahmann WASHINGTON (Reuters) - U.S. Federal Reserve officials gathered on Tuesday for their final policy meeting of the year and were widely expected to nudge interest rates up to stay ahead of inflation amid a steady economic expansion. The central bank's policy-setting Federal Open Market Committee began meeting at about 9 a.m. (1400 GMT), a Fed official said. The ... : U.S. Fed Set to Nudge Interest Rates Up
