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Borders Group Incorporated (MI) - Chicago TribuneMORTGAGE CAPS REDUCE OPTIONS IN PRICEY AREAS WASHINGTON | People looking to buy more expensive homes next year will have fewer options to find financing because Fannie Mae and Freddie Mac will have lower limits on the size of loans they can buy. The ...
Rapids rage - Raleigh News & ObserverMore Photos Today: Friends and family day. First rafters on the river. Half of the 11-mile mountain-bike network opened Friday. Monday-Tuesday: Limited opening to public, with reduced hours. Wednesday: Open to public (everything except the climbing ...
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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