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mortgage payment definition

Mortgage 101 - Defining some commonly used terms when dealing with mortgages

Albert talks about some commonly used terms when dealing with mortgages: amortization period, term, payment frequency, closed vs open mortgages ...

Group demands action from officials to fill need for grocery stores in city

By William K. Alcorn

alcorn@vindy.com

YOUNGSTOWN

The Alliance for Congregational Transformation Influencing Our Neighborhoods is demanding city officials and other community leaders take action to bring full-service grocery stores to the city and enact legislation to protect residents from predatory land contracts.

Speakers at ACTION’s annual public meeting Sunday at Mount Zion Baptist Church in Youngstown, titled “Continued Conversations on Racism,” called on whichever Youngstown mayoral candidate is elected to “within two months” present a plan to bring grocery stores to areas of the city that are designated “food deserts” because their residents live a mile or more from a full-service grocery store.

Minister Ted Brown said about 17,500 of Youngstown’s some 65,000 residents live in food deserts, which he said is a product of structural racism.

“Big-box stores won’t build in the inner city because of ‘white flight’ to the suburbs, leaving blacks and other people without the means to move,” said the Rev. Mr. Brown.

Homebuyers rush to riskier mortgages as home prices heat up

Home prices have been rising steadily for the past three years, and while it looked like the gains were flattening recently, they appear to be heating up again. Prices nationally jumped 6.9% in August compared with August of 2016, the biggest gain in three years. The annual gain in July was 6.7%, according to CoreLogic.

"One thing that's helped to fuel demand, and certainly home price growth, as much as the lean inventory of for-sale homes is that mortgage rates have really cooperated," said Frank Nothaft, chief economist at CoreLogic.

Home prices have been rising far faster than inflation, but Nothaft predicts the gains will actually ease next year, if, as he expects, mortgage rates rise. That will be the tipping point, he said, although others argue that tight supply of homes for sale, especially on the low end, will keep prices lofty despite higher mortgage rates.

Already, close to half of the nation's top 50 housing markets are overvalued, in relation to income and employment growth.

Is there an official definition of biweekly mortgage payments versus semimonthly and monthly?

We just refinanced our home with our credit union and specifically asked for biweekly payments to pay off faster. They said it would be just a slighty higher interest rate. Biweekly is on our closing papers.


I had a similar problem with my re fi also .... You really need to go to a real estate attorney as these things are very compliocated and can get very "Iffy" depending on the language of the contracts signed ...

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