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News about Mortgages:
AmEx rates credit risk by where you live, shop - MSNBCAs the global credit crunch reaches from Wall Street to Main Street, guilt by association has become a tool for evaluating the creditworthiness of American Express customers. Among other criteria, cardholders are seeing limits reduced because of ...
Gov't launches mortgage aid program - Boston GlobeWASHINGTON— The government kicked off a program Wednesday that aims to prevent foreclosures by letting an estimated 400,000 troubled homeowners swap their mortgages for more affordable loans. Lenders, rather than borrowers, will decide whether to ...
Global Crisis Could Reverse Years of Growth - Washington PostLast week, the nation's political leaders said the financial system would collapse unless they passed a $700 billion rescue package for Wall Street . On Monday, the first day of trading after the plan passed, the financial system continued to melt ...
An economy on the edge - Detroit Free PressAre we looking at a bear market at its worst? Or will it get even uglier? Who really knows? "How do you get rid of fear?" one economist asked. Stocks headed for a higher open while credit markets remained strained today ahead of an expected House ...
Mortgage relief deal - Batavia SunNearly 11,000 Illinoisans with Countrywide mortgages -- most of them in the Chicago area -- are expected to get help to avoid foreclosure after Countrywide's new owner, Bank of America, agreed to an $8.7 billion settlement with Illinois and 10 other ...
Insurance giant AIG's role in market crisis probed - CNBCWASHINGTON - The government's rescue of American International Group Inc. last month is getting a critical eye from lawmakers examining the chain of events that forced a $700 billion bailout of the financial industry. Three former AIG chief executive ...
Lawmakers probe insurance giant AIG’s role in market crisis - Detroit Free PressWASHINGTON — The government’s rescue of American International Group Inc. last month is getting a critical eye from lawmakers examining the chain of events that forced a $700 billion bailout of the financial industry. Three former AIG chief ...
America's Fastest-Selling ZIP Codes - ForbesAs credit tightens , job losses and foreclosures mount and stocks see-saw, getting a mortgage is the last thing on many Americans' list of things to do this year. That's not the case for home buyers in Cold Spring Harbor, N.Y. (population: 4,975 ...
Bank of America To Modify Mortgages From Countrywide - Washington PostBank of America has agreed to rework the terms of up to 400,000 distressed mortgages nationwide starting Dec. 1 to settle lawsuits and investigations pending against one of its subsidiaries. The settlement could be the largest in predatory lending ...
Business Minute: Dow below 10K...Unclogging credit...Bernanke speech ... - Wrcbtv.comNEW YORK (AP) - The Dow starts the session below the 10,000 level. It fell about 370 points yesterday to 9,955. The S&P is at 1,056 and the Nasdaq composite is at 1,862. But futures trading this morning suggests stocks could be headed up when the ...

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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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