A mortgage loan requiring lower payments in early years than in later years. Payments increase each year until the installments are sufficient to pay off the loan.... : Graduated-payment mortgage (GPM)
Mortgage Applications Off in Oct. 22 Week
NEW YORK (Reuters) - New applications for U.S. home loans fell last week even as average 30-year mortgage rates decreased 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, fell 0.8 percent to 703.9 for the week ended on Oct. 22, from the previous week's 709.9. Thirty-year mortgage rates, excluding fees, averaged 5.54 percent, down 0.10 percentage po... : Mortgage Applications Off in Oct. 22 Week
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... : Mortgage Protection Insurance
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 ownersh... : Private Mortgage Insurance
U.S. Services Sector Shows Growth in Dec
NEW YORK (Reuters) - The U.S. services industry grew further in December, rounding out a year of expansion in the huge sector, although employment news was less favorable, according to a survey published on Wednesday. The Institute for Supply Management said its non-manufacturing index rose to 63.1 in December from 61.3 in November, beating out Wall Street's median estimate of 61.0. A number above 50 indicates growth in the secto... : U.S. Services Sector Shows Growth in Dec
An adjustable rate mortgage, or ARM, is different from a traditional fixed rate mortgage because the interest rate changes during the life of the loan in accordance with movements in the index rate. If you can take advantage of a low mortgage rate when applying for a mortgage, then a fixed rate mortgage might be the way to go. But there are many reasons to consider an adjustable rate mortgage. Adjustable rate mortgages generally ha... : When to Consider an Adjustable Rate Mortgage
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 your... : Mortgage delinquency help
Jumbo mortgage
A mortgage loan larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.... : Jumbo mortgage
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 ne... : Second Mortgages
Greenspan Tries to Soothe Housing Worries
WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Alan Greenspan said on Tuesday that he did not foresee big price distortions developing in home prices and said Americans were handling their debts well. Speaking to America's Community Bankers, Greenspan conceded there were concerns about "the exceptional run-up in home prices" but said hefty debt burdens seemed to be under co... : Greenspan Tries to Soothe Housing Worries
