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U.S. Banks Offer Mortgage Rates Below 5% as Fed Buys Securities - BloombergJan. 8 (Bloomberg) -- The largest U.S. banks are starting to offer fixed home loans below 5 percent after the government began buying mortgage securities to bolster the housing market. JPMorgan Chase & Co. is advertising 30-year mortgages as low as 4 ...
Flagstar Bank allowed to tap bailout funds - Detroit Free PressFlagstar Bancorp. Inc. said today that it has received preliminary approval to obtain $266 million from the federal government’s $700 billion bailout program for the nation’s banks. Under the preliminary agreement, the Troy-based bank will sell ...
Ann Arbor man competes in World Series of Beer Pong - Grand Rapids PressJae C. Hon | AP Photo Troy Stieve, center, of Ann Arbor and his teammate Lester Marks, right, of Monroe, compete during the World Series of Beer Pong IV in Las Vegas on Sunday. Don't let the smell of beer and the rock music fool you, beer pong is a ...
Bankruptcies increase 21.5% - Times UnionThe increase in petitions, which included filings from 12 area counties, was sharper than the still-steep rise in filings throughout the entire 32-county Northern New York District, which was 16.7 percent. Experts pointed to heavy credit card debt ...
Wall Street stocks set for year-end sell-off - Financial TimesWall Street stocks were set to bring one of their worst years on record to an end with more selling on Wednesday, although a better-than-expected reading of unemployment data could help pare the losses. New claims for unemployment benefits made a ...
Delays keeping New Orleans-area solar power systems in the dark - New Orleans Times-PicayuneJennifer Zdon / The Times-Picayune Thomas Koch's Fontainebleau home is one of only 16 that has a special meter that allows property owners to sell power back to Entergy. Solar panels have blanketed the southern side of the roof of Thomas Koch's ...
Bertie Ahern presented with award for contribution to security in ... - IndependentShare Former Taoiseach Bertie Ahern was presented with a top award from the Irish security industry by Finance Minister Brian Lenihan at an award ceremony in Dublin . The ISIA Premier Award is given to people who make a contribution to security on ...
Deadline nears for home tax savings - Oakland PressLocal assessors are trying to spread the word that a money-saving deadline is swiftly approaching. “It’s a good program, and it was intended for people who have bought a new home in Michigan but can’t sell their old home,” said Bev Shaver ...
US dollar edges higher despite manufacturing data - The AgeThe US dollar kicked off 2009 by gaining against most of the other major currencies as a spate of negative reports out of Europe counteracted decades-low US manufacturing data. The euro slipped to $US1.3854 in late New York trading on Friday from ...
Money is here for banks to lend, but where are borrowers? - MLive.comBanks took another hit last week when GMAC began lending money to General Motors' car buyers within hours after getting a federal bailout. Why can't banks pump up lending as quickly as GMAC has, a Detroit editorial demanded to know. The public and ...
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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