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News about Mortgages:
AIG, GMAC drive CD rates higher - Detroit Free PressIf there's one place consumers have the upper hand these days, it's as depositors -- especially if they're willing to stash their cash with money losers. The banking units of American International Group Inc., the insurer bailed out by the U.S ...
Theatre Arlington hopes to shine in financial spotlight - Fort Worth Business PressThe good news for newly anointed Theatre Arlington Executive Director Penny Patrick is that she expects a check for $30,000 any day now, the theater’s share of profits from the recent highly successful Taste of Arlington event. The bad news is that ...
The Littlest Mortgage Crisis Victims - Washington PostThe long arm of the global financial crisis reached down into Morena Parada's preschool classroom, where a little girl named Joeli Arias-Lopez painted bright green and orange splotches on an oversize easel and pronounced it a house. The 4-year-old ...
Arlington makes a pitch for bailout of automakers - Dallas Morning NewsWASHINGTON – Congress faces competing demands for how to spend the rest of the $700 billion bailout, as powerful Democrats plot ways to directly help struggling homeowners and businesses. U.S. automakers are asking for their slice of the pie ...
The Next Subprime Crisis Looms - FHA-Backed Loans - Free Internet PressThe same people whose reckless practices triggered the global financial crisis are onto a similar scheme that could cost taxpayers tons more. As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers - many of them the ...
FHA-Backed Loans: The New Subprime - BusinessWeekAs if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers—many of them the very sorts of firms that helped create the current financial crisis—are going strong. Their new strategy: taking advantage of a long ...
Once again, the subprime wolves are on the prowl - WTOL-TVAs if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers -- many of them the very sorts of firms that helped create the current financial crisis -- are going strong. Their new strategy: taking advantage of a long ...
The Next Subprime Crisis Looms - Der SpiegelThe same people whose reckless practices triggered the global financial crisis are onto a similar scheme that could cost taxpayers tons more. As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers -- many of them ...
Economic woes force difficult decisions about day care - Pittsburgh Tribune ReviewWhen Denise Mahone worked as an adjunct art professor at Duquesne University earlier this year, she loved what she did, for the sake of the art, but not the modest salary. So when Mahone gave birth to a second child this fall, she and her husband ...
Legendary top-gun lobbying duo at odds over money - The Columbus DispatchFor 20 years, Republican Neil S. Clark and Democrat Paul Tipps were Capitol Square's lobbying kingpins, partners who wielded more influence over public policy than most lawmakers and who forged a seemingly unbreakable friendship. Along the way, both ...
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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