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News about Mortgages:
Slow home sales could continue to drag on Virginia’s economy - Virginia Business MagazineSlow home sales could continue to drag on Virginia’s economyVirginia Business Magazine, VA - Aug 1, 2008Shull says one reason is that other localities — such as Waynesboro and Albemarle County — are stealing away shoppers by beefing up their own retail sectors ...
Mail Call/You Said It - Hagerstown Morning HeraldMail Call/You Said ItHagerstown Morning Herald, MD - Jul 24, 2008Waynesboro, Pa. "Congratulations to the city of Chambersburg, for hosting 15000 people in their downtown without alcohol as an attraction. ...

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Today's Mortgage Terms starting with D
Default: Failure to fulfill legal obligations of a contract, including failure to make payments on a loan.
Discounted Loan: When the note rate on a loan is lower than the market rate, it is a discounted loan.
Discount Point: A point paid to the lender to permanently lower or acquire down an interest rate. Money must be paid up front to lower the rate.
Down Payment: The amount of cash you must pay down initially for the purchase of your home. For conventional loans, you should aim for a down payment that's at least 20% of your home's value. The reason is lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
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