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Condo near Freedom Tower gets loan extension - Birmingham Business JournalPedro Martin and his development company have received a 22-month extension on a mortgage on the site where he plans to build a massive condo behind Miami’s landmark Freedom Tower. At a time when iStar FM Loans has been particularly aggressive in ...
Planned Elk Run buy canceled - Post-BulletinPINE ISLAND -- Developers of the Elk Run biobusiness project are returning a piece of Pine Island farmland to its former owners due to a legal snafu. In January 2007, Tower Investments LLC entered into a purchase agreement with Elmer and Judy Stock ...
Construction official charged in WTC tower work - Buffalo NewsManhattan prosecutors say a construction official overbilled the government more than $1 million for work on a condemned skyscraper across from ground zero. Robert Chiarappa faces grand larceny charges related to his work for John Galt Corp. on the ...
4th bank forecloses on Rapid City businessman - In-ForumRAPID CITY, S.D. A fourth bank has started foreclosure proceedings against a Rapid City businessman, bringing the total claims against him to nearly $18 million. In court documents, BankWest said Doug Hamilton and numerous corporations and ...
The bubble burst - Haaretz.comIt was a good year, 2008, for international architecture, maybe too good. Just like the mortgage and stock market businesses, in architecture it seemed anything was possible - just because anything was possible. The sky was no longer the limit. At ...
Vacancies in office buildings rise faster - Seattle TimesVacancy rates in office buildings exceed 10 percent in virtually every major city in the country and are rising rapidly, a sign of economic distress that could lead to yet another wave of problems for troubled lenders. With job cuts rampant and ...
High office building vacancies may mean trouble for banks - New London DayVacancy rates in office buildings exceed 10 percent in virtually every major city in the country and are rising rapidly, a sign of economic distress that could lead to yet another wave of problems for troubled lenders. With job cuts rampant and ...
Air of uncertainty - South China Morning PostThe Macau property market is feeling the chill as uncertainties arising from the global financial crisis and slower pace of economic growth affect sales and leasing activities in the office and residential sectors. Property consultants are cautious ...
Report suggests government agency cuts - Las Vegas SunA conservative think tank is suggesting elimination of the Nevada Department of Business and Industry and numerous other cuts to save state funds and avoid tax increases by the 2009 Legislature. The plan from the Las Vegas-based Nevada Policy ...
The Influence Game: Builders construct a tax break - Las Vegas SunA tax break for big homebuilders, derailed last year amid public outrage at their role in the housing meltdown, is now back on track _ thanks to well-connected lobbyists and a growing chorus of suddenly strapped other businesses that would benefit ...
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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