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A mortgage is a loan used to buy real estate. Under the terms of a mortgage, the real estate is used as collateral for the loan. Most residential mortgages are set for payment durations of 15, 20 or 30 years.
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Fast Facts
- July 17, 2008: 30 year fixed-rate averaged 6.26%MarketWatch: U.S. mortgage rates fall: Freddie Mac (July 17, 2008)
- July 17, 2008: 15 year fixed-rate averaged 5.78%MarketWatch: U.S. mortgage rates fall: Freddie Mac (July 17, 2008)
- U.S. mortgage lending rates had been rising since the subprime mortgage crisis
- The federal government has cut rates to help prevent the mortgage crisis from causing a broader economic recession
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Mortgage Components
There are 5 general components that make a mortgage:Principle: The amount of money that has been borrowed and not repaid to the lender.
Interest: The charge or rate of increase that is added to the principle. These rates change daily and are negotiable.
Taxes: Property taxes can either be added to the principle of a mortgage or can be paid independently.
Property and Life Insurance: Similar to taxes, property and life insurance can be included in your mortgage payment.
Mortgage Insurance: Sometimes referred to as PMI or MIP this insurance protects the lender in the event of death, forclosure, or in the event that an unconventional mortgage is negotiated.
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Mortgage Crisis
On Friday, July 11, 2008, the second largest bank failure in U.S. history took place as federal regulators took over the IndyMac Bank.CNNMoney.com: Bank Regulators close IndyMac (July 11, 2008) The bank closed its doors three hours early on Friday and re-opened on Monday under federal control and a new name. In addition, the Federal Reserve opened up more credit for two other failing lending institutions: Freddie Mac and Fannie Mae. Together, these organizations either funded or guaranteed over half of all mortgages in America.The New York Times: Making Sense of the Fannie and Freddie Stock Slide (July 11, 2008) -
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Page revenue is subject to change as we obtain data from our partners
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Freddie Mac posts $5 billion loss - http://TwitPWR.com/wG3/ #stlouismortgages #stlouishomeloans #mortgages #stlouis #missouri #stcharles
@FindingHomes4U | November 08, 2009 03:03 PM -
Freddie Mac posts $5 billion loss - http://TwitPWR.com/wG3/ #rhodeislandmortgages #cumberlandhomeloans #mortgages #cumberlandrhodeisland
@davemiles | November 08, 2009 02:51 PM -
Home Buyer Tax Credit Extended and Expanded. http://bit.ly/39r0Ac #mortgages
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Freddie Mac posts $5 billion loss - http://TwitPWR.com/wG3/ #columbiascmortgages #columbiaschomeloans #mortgages #columbia #southcarolina
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Learn WHY you should Beware of 'wraparound' mortgages in The Real Estate with Ruben NEWSLETTER @ http://lnk.ms/09Ccg
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View All Mortgages Questions (116) | Ask a QuestionWhat are some tips that you would give to a first time home buyer looking to get a mortgage? (6 Answers)I just bought a condo so I have some experience with mortgages. I would recommend keeping an eye on the rates over time. Sites like bankrate.com will show you graphs ... read moreWhere can I find private 1st mortgage money? (1 Answer)See these web sites http://www.privateloanlender.com/ http://www.myprivatelender.com/ http://www.1stbridge.com/ http://www.privatemortgagesnetwork.com/ Be aware, these lenders will charge higher rates, higher fees, and will require larger down payments. - Lower loan to value ratio. ... read moreIf I have a current repo. on my car do I still qualify for the Obama mortgage reduction? (1 Answer)Sorry..no ..each car that is being traded in..must not have any liens on it. read moreWhat are some of the details of the Mortgage relief plan? (3 Answers)The Associated Press released a brief article on some of the plan's highlights this morning (see link below). Some of these include: -"$2 billion in competitive grants to communities experimenting ... read more
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