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BULLETIN BOARD - Biloxi Sun HeraldKeesler Federal Credit Union will hold a grand opening and ribbon-cutting of its 14th location at 11505 Cinema Drive, D’Iberville, at 9 a.m. Jan. 9. The 3,200-square-foot office features a drive-through ATM, lending and mortgage services, night ...
HUD funds to help cities clean up foreclosures - Los Angeles TimesReporting from Los Angeles and Denver -- Terry Ware, head of Denver's housing and neighborhood development office, is a man under siege. The city is due to receive $6 million under an unusual federal program to help cities and counties deal with ...
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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