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News about Mortgages:
General Growth gets loan extension - Charlotte Business JournalGeneral Growth Properties Inc. , owner of Carolina Place mall in Pineville, has received a two-week extension on $900 million in mortgage loans that came due on Friday. The company says it is seeking a longer-term extension. In mid November, General ...
History says La. insulated from ills - Alexandria Daily Town TalkThe real estate market is a buyer's market for the first time in six years, helping to keep agents in Central Louisiana busy during otherwise slow economic times. Rod Noles, president of Noles-Frye Reality in Alexandria, said the numbers for the past ...
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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