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A high-cost mortgage, defined by HOEPA as “any consumer credit transaction that is secured by the consumer’s principal dwelling,” is one in which the annual percentage rate (APR) exceeds the ...
In September 1994, President Bill Clinton signed into law the Home Ownership and Equity Protection Act of 1994, written by US Rep. Joseph P. Kennedy (D-Mass). The law requires certain disclosures and clamps restrictions on lenders of high-cost loans.
Adjustable rate mortgage or ARM - A mortgage where the interest rate adjusts relative to a specified index + margin. E.g. COFI, LIBOR etc.; Hybrid ARM - An adjustable rate mortgage where the initial 'start' rate is fixed for some portion of time (3,5,7, or 10 years) thereafter the interest rate adjusts (yearly or bi-annually) based on the sum of a specified index + margin.
Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and ...
Reduce the loan term. Refinancing to a shorter loan term — for example, from 30 years to a 15-year or 20-year mortgage — will increase your monthly payment but also help you build more equity ...
In 1999 the Homeowners Protection Act of 1998 came into effect as a federal law of the United States, which requires automatic termination of mortgage insurance in certain cases for homeowners when the loan-to-value on the home reaches 78%; prior to the law, homeowners had limited recourse to cancel [9] and by one estimate, 250,000 homeowners ...
A mortgage is a long-term loan used to buy a house. Mortgages are offered with a variety of loan terms — the length of time to repay the loan — usually between eight and 30 years.
The Homeowners Affordability and Stability Plan is a U.S. program announced on February 18, 2009, by U.S. President Barack Obama.According to the US Treasury Department, it is a $75 billion program to help up to nine million homeowners avoid foreclosure, which was supplemented by $200 billion in additional funding for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages. [1]
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