(1 to 5-year terms are most common but can go as high as 10+ years):These types of mortgages have structured repayment schedules with specific amounts due on a weekly or monthly basis. They usually have the lowest interest rate available but cannot be prepaid or discharged before the end of the term without having to pay a... : Closed Mortgage
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 ... : reverse annuity mortgage (RAM)
Mortgage Applications Fall in Latest Week
NEW YORK (Reuters) - Applications for U.S. home mortgages fell last week as refinancing activity slumped and mortgage rates were little changed, an industry group said on Wednesday. But analysts said the U.S. housing market remains strong. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 1.7 percent to 677.4 in the week ended Dec. 24, after remaining... : Mortgage Applications Fall in Latest Week
U.S. 30-, 15-Year Mortgage Rates Rise
WASHINGTON (Reuters) - Interest rates on U.S. 30-year and 15-year mortgages edged higher this week amid signs the economy is improving, stoking inflation concerns, mortgage finance company Freddie Mac said on Thursday. U.S. 30-year mortgage rates rose to an average of 5.82 percent in the week to Oct. 7, up from 5.72 percent a week earlier. Freddie Mac said 15-year mortgages averaged 5.24 percent thi... : U.S. 30-, 15-Year Mortgage Rates Rise
Greenspan Urges Curbs on Fannie, Freddie Growth
By Kristin Roberts WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan on Wednesday urged Congress to curb the rapid growth of Fannie Mae and Freddie Mac, saying this was vital to cut the risks the mortgage finance giants pose to the U.S. financial system. In tough testimony prepared for delivery to the S... : Greenspan Urges Curbs on Fannie, Freddie Growth
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 ... : Second Mortgages
Closed Mortgage
(1 to 5-year terms are most common but can go as high as 10+ years):These types of mortgages have structured repayment schedules with specific amounts due on a weekly or monthly basis. They usually have the lowest interest rate available but cannot be prepaid or discharged before the end of the term without having to pay a signif... : Closed Mortgage
CLOSED MORTGAGES / FIXED RATE MORTGAGES
The expression 'closed mortgage' originates from the 1980's when this type of mortgage was literally 'closed'. You contracted to the lender to make your payments for the term chosen, you could not pay anything additional, nor could you pay off the entire amount for any reason except the sale of your property. These days, there are many ways to pay do... : CLOSED MORTGAGES / FIXED RATE MORTGAGES
Jumbo mortgage
A mortgage loan larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.... : Jumbo mortgage
Stocks Headed for a Firm Start
By Anshuman Daga LONDON (Reuters) - U.S. stocks were headed for a firm start on Wednesday, helped by a dip in oil prices but Microsoft (MSFT.O: Quote , Profile , Research ) was expected to ease after a European Union court upheld antitrust sanctions on the software giant. Light crude oil futures were off 22 cents at $45.5 a barrel. "The strong European markets have probably given people a reason to get into futures," said Angus Campbell, head of sales and marketing at spread bett... : Stocks Headed for a Firm Start