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subject seasoned mortgage

 


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 o... : Mortgage applications decrease as rates ease

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 pr... : Mortgage Applications Unchanged Last Week

reverse mortgage

A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.The loan is not due and payable until the borrower no longer occupies the home as a principal residence, e.g. the last surviving borrowe... : reverse mortgage

Interest 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 much lower than on a normally amortized mortgage and if you have the discipline, it can be a useful financial planning tool.... : Interest Only Mortgages

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 sell in the near future or who want to wait for rates to drop before locking into a longer-te... : Open Mortgage (6-month to 1 year terms are most common):
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