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 to move in the short term. They are often co... : Closed Mortgages
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-... : Insured or High-Ratio Mortgage
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 ownership.With PMI, families can purchase homes with as little as 3-to-5 percent down pay... : Private Mortgage Insurance
reverse mortgage
A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.The loan is not due and payable until the borrower no longer occupies the home as a princ... : reverse mortgage
Jumbo loan
Looking for a large loan amount to purchase or refinance your home?A loan which is larger (more than $322,700 as of 1/1/03) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.... : Jumbo loan
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. A property can have a third or even fourth mor... : Second mortgage
Federal Housing Administration Mortgages (FHA)
These are mortgages that are guaranteed against default by the Federal government. Lenders are willing to give mortgages to homebuyers with smaller down payments than under conventional financing because the Federal government guarantees the loan against default. The homebuyer must pay an insurance premium for this privilege and this cost is usually added to the mortgage. In order to qualify for an FH... : Federal Housing Administration Mortgages (FHA)
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 Northern Iowa, says that it looks like the figures may have dropped again for 2004.
While he's not quite sure why this is happening, Cox says it's intere... : Mortgage delinquencies
Mortgage Applications Down Last Week-MBA
NEW YORK (Reuters) - Applications for U.S. home mortgages decreased last week as rising interest rates led to a sizable decrease in refinancing activity and purchasing, an industry group said on Wednesday. "The increase in mortgage rates has reduced application activity across the board, particularly for refinances. Refinance applications are down more than 60 percent relative to this... : Mortgage Applications Down Last Week-MBA
At Indy, Danica won media buzz 500
At Indy, Danica won race for media buzz Danica Patrick is giving Indy 500 what it's been lacking in recent years: star power and attention. May 30, 2005: 2:23 PM EDT A weekly column by Chris Isidore, CNN/Money senior writer NEW YORK (CNN/Money) - Danica Patrick on Sunday restored to the Indianapolis 500 somet... : At Indy, Danica won media buzz 500
