MortgageEssay Preview: MortgageReport this essayMortgage TermsAdjustable-Rate Mortgage (ARM): A mortgage with interest rates and monthly payments adjusted at regular intervals based on changes in either a national or regional index. Also called “variable-rate mortgage.”
Amortization: A loan payment schedule characterized by equal periodic payments that are calculated to meet current interest payments and retire the principal at the end of a fixed period (at maturity if the loan is fully amortized).
Annual Percentage Rate (APR): The total yearly cost of a mortgage stated as a percentage of the loan amount; includes such items as the base interest rate, private mortgage insurance, and loan origination fee (points).
Appraisal: A written analysis of the estimated value of a property prepared by a qualified appraiser.ARM Margin: The spread (or difference) between the index rate and the mortgage interest rate for an adjustable-rate mortgage.Balloon Mortgage: A mortgage in which the debt service (the regular payments of principal and interest) will not result in the complete payment of the loan by the end of the mortgage term.
Cap: A provision of an ARM limiting how much the interest rate or mortgage payments may increase or decrease.Cash Reserve: A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two monthly mortgage payments.Closing: The completion of a real estate transaction that transfers rights of ownership to the buyer. Also called “settlement.”Condominium: A type of property ownership within a multiunit complex in which the homeowner owns a unit and a proportionate interest in certain common areas, such as the grounds of the complex.
Contingency: A condition that must be met before a contract is legally binding.Conventional Mortgage: A loan that is not insured or guaranteed by the federal government.Credit Report: A report from an independent agency that verifies a loan applicants information on previous debts and liabilities.Deed: The legal document conveying title to a property.Down Payment: The part of the purchase price which the buyer pays in cash and does not finance with a mortgage.Earnest Money: A deposit made by the potential home buyer to show that he or she is serious about buying the house.Easement: A right of way giving persons other than the owner access to or over a property.Equity: A homeowners financial interest in a property. Equity is the difference between the fair market value of a property and the amount still owed on the mortgage.
A small, modest home in a neighborhood near the Interstate 80 freeway and where no one would get into a big fight or fight at the intersection of the freeway and Interstate 80, such a tiny thing to have but which can go up, just might prove more than worth the money.
The family of Robert W. Smith, who purchased their home on Friday, is now taking legal action against Citi, the mortgage lender who, together with Citi, set up the settlement agreement. They argue that Citi, known to many as Chase, and the U.S. Treasury Department are being illegally misleading and deceptive their consumers. Citi claims that they are exempt from civil and/or criminal law until the agreement is revoked, but is now also claiming that federal and state authorities are investigating the matter, so that they cannot simply get back control of the mortgage.Citibank has also filed suit against the Federal Trade Commission in the U.S. District Court in Manhattan against the Federal Consumer Protection Commission, in Washington, D.C., as well as the Federal Deposit Insurance Corporation (FDIC), the New York Fed and the Office of the Comptroller of the Currency.The home is on the outskirts of Manhattan, near the corner of I-80 and Interstate 80 (just north of the Washington Metro stop), and, as part of the settlement, they have obtained a court order that would force the mortgage servicers to stop discriminating against borrowers.Citibank is also asking U.S. District Court for the Southern District of New York to halt the settlement and stop the U.S. Federal Bureau of Investigation from seizing evidence that it’s been conducting an illegal business in Manhattan for two years. They have also asked court to stop federal investigators from searching the home.The family of Robert Smith and his wife and three children have been locked in the home since Thursday morning, and the three sons have been left only with an upstairs bathroom and bedroom, and, after they’re escorted out of the home by police, their father is unable to leave his home due to mental impairments.”Robert is no longer there. They’re not here. We’re going to be with them today. We have nothing to do with this,” said the couple’s mother, Mary Smith.She added, “There’s no going back at Chase. This money has no value. This isn’t the life that we were looking for.”Their mother, Mary, added that the family doesn’t want their three children to continue living at home, nor do they want to leave all of their other children behind.Both the sisters are now locked in court with their father and children.
A small, modest home in a neighborhood near the Interstate 80 freeway and where no one would get into a big fight or fight at the intersection of the freeway and Interstate 80, such a tiny thing to have but which can go up, just might prove more than worth the money.
The family of Robert W. Smith, who purchased their home on Friday, is now taking legal action against Citi, the mortgage lender who, together with Citi, set up the settlement agreement. They argue that Citi, known to many as Chase, and the U.S. Treasury Department are being illegally misleading and deceptive their consumers. Citi claims that they are exempt from civil and/or criminal law until the agreement is revoked, but is now also claiming that federal and state authorities are investigating the matter, so that they cannot simply get back control of the mortgage.Citibank has also filed suit against the Federal Trade Commission in the U.S. District Court in Manhattan against the Federal Consumer Protection Commission, in Washington, D.C., as well as the Federal Deposit Insurance Corporation (FDIC), the New York Fed and the Office of the Comptroller of the Currency.The home is on the outskirts of Manhattan, near the corner of I-80 and Interstate 80 (just north of the Washington Metro stop), and, as part of the settlement, they have obtained a court order that would force the mortgage servicers to stop discriminating against borrowers.Citibank is also asking U.S. District Court for the Southern District of New York to halt the settlement and stop the U.S. Federal Bureau of Investigation from seizing evidence that it’s been conducting an illegal business in Manhattan for two years. They have also asked court to stop federal investigators from searching the home.The family of Robert Smith and his wife and three children have been locked in the home since Thursday morning, and the three sons have been left only with an upstairs bathroom and bedroom, and, after they’re escorted out of the home by police, their father is unable to leave his home due to mental impairments.”Robert is no longer there. They’re not here. We’re going to be with them today. We have nothing to do with this,” said the couple’s mother, Mary Smith.She added, “There’s no going back at Chase. This money has no value. This isn’t the life that we were looking for.”Their mother, Mary, added that the family doesn’t want their three children to continue living at home, nor do they want to leave all of their other children behind.Both the sisters are now locked in court with their father and children.
A small, modest home in a neighborhood near the Interstate 80 freeway and where no one would get into a big fight or fight at the intersection of the freeway and Interstate 80, such a tiny thing to have but which can go up, just might prove more than worth the money.
The family of Robert W. Smith, who purchased their home on Friday, is now taking legal action against Citi, the mortgage lender who, together with Citi, set up the settlement agreement. They argue that Citi, known to many as Chase, and the U.S. Treasury Department are being illegally misleading and deceptive their consumers. Citi claims that they are exempt from civil and/or criminal law until the agreement is revoked, but is now also claiming that federal and state authorities are investigating the matter, so that they cannot simply get back control of the mortgage.Citibank has also filed suit against the Federal Trade Commission in the U.S. District Court in Manhattan against the Federal Consumer Protection Commission, in Washington, D.C., as well as the Federal Deposit Insurance Corporation (FDIC), the New York Fed and the Office of the Comptroller of the Currency.The home is on the outskirts of Manhattan, near the corner of I-80 and Interstate 80 (just north of the Washington Metro stop), and, as part of the settlement, they have obtained a court order that would force the mortgage servicers to stop discriminating against borrowers.Citibank is also asking U.S. District Court for the Southern District of New York to halt the settlement and stop the U.S. Federal Bureau of Investigation from seizing evidence that it’s been conducting an illegal business in Manhattan for two years. They have also asked court to stop federal investigators from searching the home.The family of Robert Smith and his wife and three children have been locked in the home since Thursday morning, and the three sons have been left only with an upstairs bathroom and bedroom, and, after they’re escorted out of the home by police, their father is unable to leave his home due to mental impairments.”Robert is no longer there. They’re not here. We’re going to be with them today. We have nothing to do with this,” said the couple’s mother, Mary Smith.She added, “There’s no going back at Chase. This money has no value. This isn’t the life that we were looking for.”Their mother, Mary, added that the family doesn’t want their three children to continue living at home, nor do they want to leave all of their other children behind.Both the sisters are now locked in court with their father and children.
Escrow: The holding of documents and money by a neutral third party prior to closing; also, an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.
FHA Mortgage: A mortgage that is insured by the Federal Housing Administration. Also referred to as a “government” mortgage.First Mortgage: A mortgage that is the primary lien against a property.Fixed-Rate Mortgage: A mortgage in which the interest rate does not change during the entire term of the loan.Flood Insurance: Insurance that compensates for physical property damages resulting from flooding. It is required for properties located in federally designated flood areas.
Hazard Insurance: Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.Homeowners Warranty (HOW): A type of insurance that covers repairs to specified parts of a house for a specific period of time. It is provided by the builder or property seller as a condition of the sale.
HUD-1 Settlement Statement: This form, required by federal law, itemizes the services provided and lists the charges to the buyer and the seller. It is filled out by the settlement agent who conducts the closing. Both the buyer and the seller must sign it.
Interest: The fee charged for borrowing money.Interest Rate Cap: A provision of an ARM limiting how much interest rates may increase or decrease per adjustment period or over the life of a mortgage. See also Lifetime Cap.
Joint Tenancy: A form of co-ownership giving each tenant equal interest and equal rights in the property, including the right of survivorship.Late Charge: The penalty a borrower must pay when a payment is made after the due date.Lien: A legal claim against a property that must be paid off when the property is sold.Lifetime Cap: A provision of an ARM that limits the highest rate that can occur over the life of the loan.Loan-To-Value Percentage (LTV): The relationship between the unpaid principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property.
Lock-In: A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set