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News about Mortgages:
A couple of tidbits - Boston GlobeI have two items that I wanted to put out there today, one about New Jersey lawmakers’ efforts to deal with foreclosures and another about home buyers’ financial priorities. First, did you hear that the New Jersey Legislature is batting around a ...
Car dealers see 'closed' in the future - Boston GlobeFord, General Motors , and Dodge dealerships northwest of Boston are among the latest casualties in an industry hit hard by tightened credit markets and plummeting car sales. The industry is bracing for a spate of closings as the country's economic ...
Randolph man accused of arson - WISC NewsJUNEAU - A 25-year-old Randolph man set fire to a vacant house in September to collect a $50,000 insurance policy, according to police. Seth R. Braker, 121 Huron St., Randolph, was charged Monday with arson of a building with intent to defraud for ...
Enterprise Bancorp Announces Its Seventy-Sixth Consecutive - MSN MoneyCentralEnterprise Bancorp, Inc. (the “ company ” ) EBTC announced net income of $1.7 million for the quarter ended September 30, 2008 compared to $2.6 million for the quarter ended September 30, 2007. Diluted earnings per share were $0.21 for the third ...
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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