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 there is still a remaining principal loa... : Balloon mortgages
reverse annuity mortgage (RAM)
an alternative mortgage loan program in which the lender makes periodic payments to the borrower. The loan is secured by the borrower's accumulated equity in the home. This type of loan is usually taken out by an older, retired person who has substantially paid for a home, and now needs additional income to live on. The borrower receives periodic payments from the lender, or from an annuity set up with the proceeds from th... : reverse annuity mortgage (RAM)
Variable Mortgage (6-month to 1 year terms are most common):
With this type of mortgage the interest rate is directly linked to the money market rates and can fluctuate on a weekly or daily basis. While this is usually the best rate available, long-term upward swings in interest rates could be quite costly. On the plus side, long-term downward interest rate swings could mean large savings as your mortgage rate follows the ma... : Variable Mortgage (6-month to 1 year terms are most common):
Mortgage Applications Fall - MBA
NEW YORK (Reuters) - New applications for U.S. home loans fell last week as 30-year mortgage rates reached their highest levels in a month, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted market index, a measure of mortgage activity, fell by 4.5 percen... : Mortgage Applications Fall - MBA
Stocks Flat; Fannie Mae Up, Microsoft Off
By Anupama Chandrasekaran NEW YORK (Reuters) - U.S. stocks were little changed on Wednesday as a European antitrust ruling weighed on Microsoft Corp. (MSFT.O: Quote , Profile , Research ) , offsetting a rise in Fannie Mae (FNM.N: Quote , Profile , Research ) after its embattled chief executive steppe... : Stocks Flat; Fannie Mae Up, Microsoft Off
A secured loan (or mortgage) that is subordinate to another loan against the same property. More specifically, the second loan in sequence.In real estate, a property can have multiple loans against it. The loan which is registered with county or city registry first is called the first mortgage. The loan registered second is called the second mortgage.... : Second mortgage
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 ... : Mortgage applications decrease as rates ease
Mortgage Applications Fall - MBA
NEW YORK (Reuters) - New applications for U.S. home loans fell last week as 30-year mortgage rates reached their highest levels in a month, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted market index, a measure of mortgage activity, fell by 4.5 percent to 727.3 for the week ended on Nov. 5 from the previous week's 761.7. Thirty-year mortgage rates, excluding fees, averaged 5.69 percent, up 0.04 percentage point f... : Mortgage Applications Fall - MBA
adjustable rate mortgage
An adjustable rate mortgage or variable rate mortgage is a loan secured on a property (house) whose interest rate and so monthly repayment vary over time. Other forms of mortgage loan include interest only mortgage, fixed rate mortgage, discounted rate mortgage and balloon payment mortgage. Adjustable rates transfer part of the interest rate risk from the lender to the borrower. They can be used where unpredict... : adjustable rate mortgage
Title Insurance
What is title insurance? Title insurance is your policy of protection against loss if any problems results in a claim against your ownership. If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense and pay all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.Why ... : Title Insurance
