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News about Mortgages:
Don’t count on mortgage rates falling further - The StateGREENVILLE — Lenders said Thursday that Upstate homeowners are backing out of mortgage refinancing deals after hearing of a proposal floated by lobbyists that could cut rates even more, even though the proposal might never come to pass. Bankers and ...
Homeowners get a reprieve - Herald TribuneGov. Charlie Crist and Alex Sanchez, president of the Florida Bankers Association, appeared together to announce the program. But other than emphasizing the need for financially troubled homeowners to talk to their lending institutions, the ...
Lenders OK 45-Day Delay in Acting - The LedgerTALLAHASSEE | With Florida residents facing one of the highest foreclosure rates in the nation, Gov. Charlie Crist announced Monday that the state's bankers and credit unions have agreed to a voluntary delay in any foreclosure sales on homes or new ...
Summerville Briefs - Charleston Post & CourierThe Pinewood PTO has joined forces with Summerville Downtown Restoration Enhancement and Management to host the first Pinewood Holiday Spirit Extravaganza 8 a.m.-8 p.m. today. Downtown Summerville shops and restaurants will open their doors to the ...
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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