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News about mortgage:
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 sel... : Open Mortgage (6-month to 1 year terms are most common):Jumbo mortgage
A mortgage loan larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.... : Jumbo mortgageClosed 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 significant penalty. Ideal for purchasers who need to lock in their mortgage costs for long-term cash flow planning. While most closed mortgag... : Closed MortgageFederal 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 FHAM the property in question must meet certain r... : Federal Housing Administration Mortgages (FHA)Freddie Mac '04 Profit Drops More Than 40 Pct
WASHINGTON (Reuters) - Freddie Mac (FRE.N: Quote , Profile , Research ) , the second-largest U.S. home financing company that is pushing to emerge from a scandal-marked era and repair its bruised reputation, on Thursday reported 2004 profit dropped more than 40 percent. Freddie earned $2.8 billion, or $3.78 per share, in 2004, compared with $4.8 billion, or $6.68 per diluted share, in 2003. Analysts on average pegged Freddie Mac 2... : Freddie Mac '04 Profit Drops More Than 40 Pct
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