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News about Mortgages:
One last Thanksgiving before family's deported - Zanesville Times RecorderThat's because Peens, his wife and his two daughters, an eighth-grader and a senior in Kenton County schools, are packing their bags and selling their home in Independence. The Immigration and Naturalization Service is sending them back to South ...
Mortgage lending seized up in '07 - Cincinnati.comMortgage lending in Greater Cincinnati and Northern Kentucky slowed by 20 percent in 2007 - a drop that foreshadowed the full-blown banking crisis that's still intensifying this year. An Enquirer analysis of federal lending data underscores the depth ...
Finance Students Keep Their Job Hopes Alive - The LedgerWall Street recruiters have canceled or postponed visits to elite universities like Harvard, Princeton and Stanford, citing the turmoil in the markets. “Jobs are being taken down by the day on our career services Web site,” said Kenton Murray, 20 ...
Today's Mortgage Terms starting with P
Payment Cap: A limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
Point: A point is equivalent to 1 percent of a mortgage loan. Lenders might charge "origination points" to cover expenses of processing a loan. Some borrowers might pay "discount points" to reduce the loan's interest rate.
Pre-Approval: The process of calculating how much money a potential homebuyer could borrow.
Prepayment Penalty: A lender's charge to the borrower for paying down the loan before the end of its term.
Pre-Qualification: A non-binding process of calculating how much money a potential homebuyer can borrow before applying for a loan. Information submitted during pre-qualification is subject to verification at application.
Principal: It is the amount of money borrowed or owed, excluding interest.
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