NEW YORK (Reuters) - Applications for U.S. home mortgages increased last week as U.S. consumers came out in droves to refinance their existing loans, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity increased 7.3 percent to 706.4 in the week ended Jan. 28, after decreasing 3.6 percent in the MBA's prior week survey. The... : Mortgage Applications Up Last Week-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 t... : adjustable rate mortgage
Mortgage delinquency help
Q: My mortgage broker said that my credit score was poor (and the interest rate I had to pay was high as a result) because of a number of credit card delinquencies I had during the last year. So I paid off all the delinquent accounts and consolidated the remaining balances into 2 cards. But when I reapplied, my score was lower rather than higher! Wha... : Mortgage delinquency help
Graduated-payment mortgage (GPM)
A mortgage loan requiring lower payments in early years than in later years. Payments increase each year until the installments are sufficient to pay off the loan.... : Graduated-payment mortgage (GPM)
Regulator 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. Responding t... : Regulator Says Fannie Mae Execs May Need to Go
Most mortgages are conventional, the terms just vary. A conventional mortgage to most people is a 15 or 30 year fixed rate mortgage with at least 20% down.... : Conventional Mortgage
Conforming & Non-Conforming Mortgages
A conforming mortgage refers to a mortgage that is drawn up within the guidelines specified by the lending institutions referred to as Fannie Mae and Freddie Mac. The most common reason for a mortgage to be referred to as non-conforming is because the total amount of the mortgage exceeds the lending limits or total loan amount allowed. This type of non-conforming loan is often ref... : Conforming & Non-Conforming Mortgages
Mortgage Applications Unchanged Last Week
NEW YORK (Reuters) - Applications for U.S. home mortgages were unchanged for the week ended Dec. 17 from the prior week as an increase in refinancing offset a decrease in purchases, an industry trade group said. The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity was flat at 689.3 in the week ended Dec. 17, following a 1.0 percent drop the previous week. Fixed 30-year mortgage rates averaged 5.69 percent last week, excluding fees, up from... : Mortgage Applications Unchanged Last Week
Graduated-payment mortgage (GPM)
A mortgage loan requiring lower payments in early years than in later years. Payments increase each year until the installments are sufficient to pay off the loan.... : Graduated-payment mortgage (GPM)
HEADLINE STOCKS: Stocks to Watch, Nov. 24
NEW YORK (Reuters) - U.S. stocks to watch on Wednesday include H&R Block Inc., Michaels Stores Inc., Tech Data Corp., and Microsoft Corp. H&R BLOCK INC. (HRB.N: Quote , Profile , Research ) : The world's largest tax services company on Tuesday posted a quarterly loss because of lower income in its mortgage business and cut its o... : HEADLINE STOCKS: Stocks to Watch, Nov. 24