text stringlengths 13 81.7k |
|---|
Qualifying for a mortgage, of course, involves more than just proving you have an income, a bank account, good credit and a down payment. Lenders need to be satisfied that a borrower's income is going to be sufficient to cover the additional expense involved in carrying the mortgage. Accordingly, many lenders follow Fa... |
Regina Huber, director of banking operations for Park Avenue Mortgage Group, explained that most Fannie Mae loan programs permit borrowers to spend no more than 28 percent of their gross income on fixed housing expenses. Those expenses -- which include principal and interest on the loan, real estate taxes and any insur... |
IN addition, she said, Fannie Mae generally will not allow a borrower's total fixed monthly payments -- which include P.I.T.I. expenses plus recurring debt like credit cards and automobile loans -- to exceed 36 percent of the gross income. |
Moreover, Ms. Huber said, since the amount of income considered adequate to support a mortgage is determined largely by the monthly payment, and since different types and terms of mortgages result in different monthly payments, it is possible that a borrower who does not qualify for one mortgage may qualify for another... |
For example, she said, the monthly payment on a 15-year mortgage is usually going to be greater than the payment on a 30-year mortgage for the same amount and for the same borrower, even though the interest rate on the 15-year loan will be slightly less. For example, she said, a 15-year, $150,000 mortgage at 7 percent ... |
On the other hand, she said, the monthly payment on the 30-year fixed-rate mortgage is generally going to be more than what will be initially required on, say, a three-year adjustable-rate mortgage for the same amount. The reason, she said, is that adjustable rate mortgages carry, for a specific period, an interest rat... |
When the period ends, the rate can fluctuate up or down based upon a predetermined formula. An adjustable-rate mortgage with an initial interest rate of 6 3/8 percent, Ms. Huber said, would cost $935.81 a month, making such a loan easier to qualify for than either the 15- or 30-year fixed-rate mortgages. |
By contrast, in 1982, when rates rose as high as 18.75 percent on new fixed-rate loans and 14.75 percent on new adjustable-rate loans with a three-year intial fixed rate, the monthly payments on a new $150,000, 30-year fixed-rate mortgage were $2,352.62, while the payments in the first three years of the variable-rate ... |
Ms. Huber added that while adjustable-rate loans may carry lower interest rates than fixed-rate mortgages, they also carry some inherent risks because their interest rates can increase if rates in general rise. At the same time, however, most adjustable mortgages being written today, she said, contain interest increase... |
Paulette Bonanno, a vice president of the National Cooperative Bank in Manhattan, said that even though co-op share loans are technically not mortgages -- which only apply to real estate -- but are pledges of stock certificates and the proprietary lease, the criteria used to qualify borrowers for share loans are typica... |
Ms. Bonanno added that the influence and consistency of Fannie Mae were what made it possible for mortgage brokers to arrange loans, because the brokers can be sure they are submitting only qualified borrowers to the lenders. On the other hand, she said, since not all lenders sell their loans to Fannie Mae, an efficien... |
As a result, Ms. Bonanno said, while a borrower may end up paying for the broker's services, a reputable one is usually worth the extra cost. ''You just have to ask around, shop around and compare brokers,'' she said. |
Many first-time buyers, of course, make their initial contact with a mortgage broker or lender only after finding a property to buy. And while those who go shopping for mortgages at that point are no less likely to obtain one than others who do it sooner, the ones who wait may be overlooking a valuable tool that can be... |
Mr. Bell explained that prequalification means that a specific lender has determined that a specific borrower has the ability to obtain a mortgage for a certain amount of money and that the lender is likely to provide that mortgage if the value of the property warrants it. That, he said, can be useful in two ways: firs... |
IN fact, whether or not prequalification is the goal, it usually pays for a borrower to begin shopping for a mortgage sooner rather than later. |
''You're going to spend six months looking for a home and then find you have just a couple of weeks to go shopping for the mortgage,'' said Keith T. Gumbinger, vice president of HSH Associates, a mortgage-industry publisher in Butler, N.J. ''So giving yourself as much time possible to shop in advance is crucial to gett... |
It is also prudent, Mr. Gumbinger said, for buyers who find a mortgage with terms they like to lock in the interest rate. While some lenders permit lock-ins at no additional cost, others can charge as much as a half point for a lock-in that exceeds 60. |
A lock-in, he said, insures borrowers against unexpected increases in the interest rate. And while a rate lock may deprive the borrower of a lower rate if interest rates fall, Mr. Gumbinger said, the benefits of a lock-in usually outweigh the risks. |
Here is a glossary of terms used in the mortgage process, with definitions provided by Fannie Mae, the name formally adopted by what was once the Federal National Mortgage Association, which purchases mortgage loans from issuers, either as an investment or for resale in secondary markets, and as such is the largest sou... |
Amortization: The gradual repayment of a mortgage by installments, calculated to pay off the principal at the end of a fixed period of time. |
Amortization Schedule: A timetable for payment of a mortgage showing the amount of each payment applied to interest and principal and the balance remaining. |
Cap: A provision of an adjustable rate mortgage limiting how much the interest rate or mortgage payments may increase or decrease. |
Commitment Letter: A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer. |
Conforming Loan: A loan that meets the underwriting guidelines of Fannie Mae and Freddie Mac and does not exceed the maximum allowable loan limit of $227,150. |
Due-on-Sale Clause: A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property that is securing the mortgage. |
Equity: A homeowner's 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. |
First Mortgage: A mortgage that has first claim to the secured property in the event of a default. |
Fixed-Rate Mortgage: A mortgage in which the interest rate does not change during the entire term of the loan. |
Foreclosure: The legal process by which a mortgaged property may be sold when a mortgage is in default. |
Lock-In: A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing. |
Mortgage Banker: A company that originates mortgages exclusively for resale in the secondary market. |
Mortgage Broker: An individual or company that, for a fee, acts as intermediary between borrowers and lenders. |
Mortgagee: The lender in a mortgage agreement. |
Mortgagor: The borrower in a mortgage agreement. |
Origination Fee: A fee paid to a lender for processing a loan application. |
P.I.T.I.: Stands for principal, interest, taxes and insurance, the components of a monthly mortgage payment. |
Points: A one-time charge by the lender to increase the yield of the loan; a point is 1 percent of the amount of the mortgage. |
Principal: The amount borrowed or remaining unpaid; also, that part of the monthly payment that reduces the outstanding balance of a mortgage. |
Qualifying Ratios: Guidelines applied by the lenders to determine how large a loan to grant a home buyer. |
Underwriting: The process of evaluating a loan application to determine the risk involved for the lender. It involves an analysis of the borrower's creditworthiness and the quality of the property itself. |
RUSH: Now to the Climate Change Stack. I’ve been alluding to this, and here’s the value of this. You know, when you boil it down, folks, what is climate change? Climate change is a political issue. It is not scientific fact. It is not settled science. It requires them to say they have a “consensus of scientists” that a... |
And then we’ll have a heat wave and they’ll say, “See? See? Climate change!” Wait a minute. You said it’s not gonna happen for 20 or 30 years? What do you mean, ‘See? See?'” It’s nothing but politics. But here is the clincher. What is the blame? What is the cause? The scientific consensus that tries to make you and par... |
Oh, yes, it is. It’s our SUVs. It’s our industrialization. |
It is the use of fossil fuels. |
Climate change is the fault of advanced civilizations, in their telling. They have to guilt somebody. They have to make somebody feel responsible so that they can make those people change their behavior and change the way they vote and change their position on issues. And the climate change crowd wants everybody voting... |
You’ll note it’s not the ChiComs doing it. It’s not some poor little communist country with pollution out the wazoo. It’s us, and they have succeeded in persuading a bunch of skulls full of mush that by the time they are 65, the earth may not be able to support human life, that it will be too hot and that people’s bloo... |
They think everything about themselves is scientific. So first up is a story here from our buddy Marc Morano, our old “man in Washington” of the TV show. He now runs a website called Climate Depot, and he publishes the result of the new study that says, “STUDY: Concern Over Climate Change Linked to Depression, Anxiety ... |
“Symptoms” of this particular psychological condition “include restless nights, feelings of loneliness and lethargy. ‘Climate change is a persistent global stressor,’ Sabrina Helm, lead author of the paper and professor of family and consumer sciences at the University of Arizona, said.” The Canadian Press: “A U.S. Nav... |
“A Navy spokeswoman says the USS Little Rock was commissioned in Buffalo on Dec. 16 and was expected to make its way to its home port in Mayport, Florida. Instead,” it’s caught in ice since Christmas Eve in Montreal, and it will not thaw sufficiently for this ship to move until mid-March. So, the planet is heating up t... |
Oh. So, see, what’s happening is it really isn’t warming up, folks. There hasn’t been any significant it can’t remember now 17 years, so they have to keep coming up with reasons why their models are wrong, and it turns out now that we are putting too much pollution up there and it’s cooling the planet like volcanic ash... |
So anything we do to fix climate change could make it worse! By blasting aerosols into the sky. “Global warming is a pressing problem,” it says, “and some scientists believe that sending a plane to spray sulfate aerosols into the sky will help cool down the Earth. In a study published today in the journal Nature Ecolog... |
We would cause massive global cooling that they couldn’t stop. So yet another brilliant effort, a brilliant plan to stop the warming: Spraying aerosols into the atmosphere for 50 years could end up killing us all by freezing us to death. I’m not reading parodies, I’m not reading satire, I’m reading actual news stories ... |
Business is becoming a major player in the renewable energy market, and it looks like it’s here to stay. |
Tech companies use a huge amount of power to run their data centres, which is why they are the biggest purchasers of clean energy and have made the running in the corporate procurement sector. |
New figures from BloombergNEF (BNEF) show that corporations bought a record amount of 13.4GW of clean energy through power purchase agreements (PPAs) in 2018, well over double the previous record of 6.1GW set in 2017. |
The research firm’s latest Corporate Energy Market Outlook, reveals that 121 companies in 21 different countries signed up to buy renewable energy last year. More than 60% of those purchases were in the US, where PPAs to buy 8.5GW of power were signed, almost three times 2017’s figure. However, there are signs that the... |
Facebook was by far the biggest individual buyer, procuring 2.6GW of capacity, more than three times the amount purchased by the next biggest company, AT&T. Tech companies use a huge amount of power to run their data centres, which is why they are the biggest purchasers of clean energy and have made the running in the ... |
For the first time, an oil major signed a clean energy PPA for its own operations, buying 575MW of solar and wind in Texas. |
Another notable development has been the emergence of smaller energy buyers aggregating their energy demands to enable them to sign PPAs with large clean energy projects – these buyers made up 31% of US demand. These firms are aggregating their electricity demand to reap the economies of scale from larger solar and win... |
There were also record volumes in the Europe, Middle East and Africa (EMEA) region, with corporations doubling their clean energy purchases from 2017’s 1.1GW to 2.3GW. The Nordics were once again the hot spot for activity, with companies attracted to strong wind resources and credit support from government bodies, BNEF... |
The first corporate PPAs were signed in Poland, while Finland and Denmark saw their second deals during the year, with activity also picking up in the UK after a lull caused by the demise of a national subsidy programme, as well as in Mexico and Brazil. Policy changes in Germany and France saw several requests for prop... |
Asia Pacific is still a largely undeveloped market. Companies signed a record 2GW of PPAs but almost all of that came in India (1.3GW) and Australia (0.7GW) as these are the only markets that currently allow companies to buy power direct from generators. |
However, there are signs of reform that suggest the region will join the party soon. Nine provinces in China now have offsite corporate PPA mechanisms and the imminent passing of a renewable portfolio standard will give over 30,000 large commercial and industrial companies renewable electricity targets. Meanwhile, Japa... |
It is targets such as these, through initiatives such as RE100, that are driving the market. Almost 160 of the world’s largest companies, in 23 different countries, have signed commitments through RE100 to procure 100% of their electricity from renewable sources. BNEF calculates that for these companies to meet their t... |
The Wellington Underground Market takes place in the carpark every Saturday from 10am to 4pm. Experience one of Wellington’s top shopping destinations where you can meet the designers, artists and crafters and 'unearth a little treasure'. Fast becoming one of Wellington's "must do's" you will find a distinctive collect... |
A unique collection of locally made designer homewares, clothing, craft creations and gourmet food products. Enjoy live music while you savour tastes from around the world. |
Every Sat 10am - 4pm undercover on Wellington Waterfront. Open rain or shine. |
A DRUG dealer who supplied a pretty young teenager with the ecstasy that killed her was jailed today for a "vicious" bottle attack carried out while he should have been behind bars. |
Barry Rainey had been released early from the sentence he was given for supplying Demi Campbell with lethal "Green Rolex" pills when he smashed a bottle over Michael Harrington's head. |
He left Harrington badly injured and scarred for life after attacking him on June 24 this year in Alexander Street, Alexandria, West Dunbartonshire. |
The 26-year-old was jailed for three years in October 2013 for supplying Demi, 18, with the killer tablets, which contained a substance known as Doctor Death. But he was released from Low Moss prison in January this year – around a year and a half after he was first remanded in custody. |
And just five months after being granted early release from the prison, he attacked Harrington.Fiscal depute Sarah Healing told Dumbarton Sheriff Court the assault stemmed from a court case involving Harrington and a female friend of Rainey's and took place when Rainey spotted Harrington in the street. |
The prosecutor explained: "At 9.20pm, the complainer, along with a number of friends, was walking towards Alexander Street having spent the afternoon in a local park consuming alcohol. |
“During the course of that discussion about the court case, the accused said, ‘He’ll no’ say anything’, before running off towards Creuval Court. |
Rainey reached Harrington and hit him on the face with a bottle, causing him to fall to the ground. Healing added: "He then kicked him several times as he lay on the floor, shouting, ‘F****** stay down or it will be worse next time’. |
“He then fled. As this was happening, a woman who has a flat overlooking heard a male voice say, ‘I will kill you for what you’ve done’." |
Harrington was taken by ambulance to the Royal Alexandra Hospital, in Paisley, where 10 stitches were needed to seal four cuts to the side of his forehead. |
Rainey was later detained and initially denied the assault but later admitted his guilt. |
Sentence was deferred so he could be assessed by social workers and Rainey returned to the dock today to learn his fate. |
Defence solicitor Maurice Smyth said Rainey, a father-of-two, had got a job as a removal man after being released from prison and had enjoyed his first taste of full-time employment.He said Rainey's female friend had been caused distress by the court case against her and Rainey took it upon himself to get involved... |
Sheriff William Gallacher noted that Rainey's three-year sentence for supplying Campbell with the deadly fake ecstasy did not expire until July 11 next year and that he could send him back to prison for the remainder of that sentence.But he opted not to return Rainey to prison to serve the rest of the unexpired po... |
"This had a very significant impact on the victim and there is no option but to impose on you a custodial sentence." |
He jailed Rainey for 32 months, reduced from 40 as he admitted his guilt, and backdated the sentence to July 21, when he was first remanded in custody. |
The length of sentence and backdating it to July means Rainey could be free in a year. |
He also made Rainey, of Bonhill, Dumbartonshire, the subject of a Supervised Release Order "to protect the public." |
The order will see Rainey supervised by social workers for a year upon his release from prison. |
As he was led to the cells to begin his sentence Rainey, who was dressed in a green Hugo Boss polo shirt, was heard to say "32 months!" and laugh to another man who was being brought in to court in handcuffs. |
Demi died after taking the pills at a house party in Alexandria on July 9, 2013. Rainey also sold the fatal drugs at a dance music festival at Braehead Arena, Glasgow, in June 2013, dealing £410 worth of the pills over a five-week period. |
Northwestern Local School District cut the ribbon on its new, multi-million dollar athletic complex this week. |
The 16,000-square-foot, $3.4 million dollar project just broke ground in the spring and was paid for with permanent improvement levy dollars, said Northwestern Local Superintendent Jesse Steiner. |
The facility features a state-of-the-art weight room, locker rooms for athletes and coaches, a concession stand, ticket booth, athletic training room and a coaches’ conference room to watch film or devise strategy. |
Steiner said while the district does have newer school buildings — when those were built, storage space wasn’t part of the plan. |
One of the major benefits is the facility’s proximity to the athletic fields. Athletes won’t have to haul up to the locker rooms at the high school for practices, games or during bad weather. And while the complex offers a lot of perks for the district’s athletes, Steiner said he’d also like to see it become a hub for ... |
The complex also has a community room with a kitchen, where people can gather for any reason from board meetings to baby showers. |
Additionally, Ohio Valley will be leasing a room at the facility where doctors will see patients on-site for physical therapy. |
“We wanted to think of all the needs that we could have,” Steiner said. |
Steiner said the district put out more money for a quicker turnaround time for the project so that it would be available for the 2018 fall athletes to use. The football team was able to get in the complex for the first time during a home game against Milton-Union on Friday. |
“That was really important for us,” Steiner said. |
The school board voted unanimously in October to hire Garmann Miller as an architect for the project. |
“What drives me to Garmann Miller is that we’ve already engaged them to do a lot of our work,” school board member Russ Steele said previously. |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.