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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 pu... : Private Mortgage Insurancereverse 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 the loan. The owner continues to live in the house until death... : reverse annuity mortgage (RAM)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 p... : Mortgage applications decrease as rates easeInterest Only Mortgages
This is just what it says. You only pay interest, the principal is never reduced.This is the grand daddy of all balloon mortgages and you taking a big risk that your house depreciates in value rather than the other way around.You could very well have to come up with extra cash at closing.The payments are... : Interest Only MortgagesRegulator Says Fannie Mae Execs May Need to Go
By Mark Felsenthal WASHINGTON (Reuters) - Fannie Mae's regulator told Congress on Wednesday his office was considering seeking management changes at the mortgage finance company after finding pervasive accounting irregularities. Fannie Mae executives, at the same congressional hearing, denied the regulator's allegations they used improper accounting to mask profit fluctuations. Res... : Regulator Says Fannie Mae Execs May Need to Go
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