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News about Mortgages:
In midst of housing crisis, here's a vote for doing nothing - St. Petersburg TimesStory Tools History is awash with the spectacle of fear and panic: The Grand Army of the Potomac hightailing it out of Manassas in 1861. Stockbrokers in 1929 doing the Charleston off the New York Stock Exchange building. But that's no state of mind ...
Letters: Treatment access difficult for the mentally ill - St. Petersburg TimesStory Tools Last time I checked it was the 21st century. We've made great strides in technology and medicine. But, unfortunately we've still got a long way to go when it comes to bias and ignorance. I myself would be considered one of those "mentally ...
Mississippi teen-birth rate tops U.S. - Memphis Commercial AppealMississippi surged to the top of the list in the number of babies born to teens in 2006, displacing Texas and New Mexico for the lamentable title. New figures released Wednesday by the U.S. Centers for Disease Control and Prevention showed ...
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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