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News about Mortgages:
Senate panel narrowly OKs appeals judge - Salt Lake TribuneA Senate committee on Wednesday narrowly recommended 3rd District Judge Robert Hilder for a seat on the Utah Court of Appeals after a second round of questions about his ruling allowing the University of Utah to ban guns on campus. Hilder was ...
Area appliance sales are down but not out - Louisville Courier-JournalJoseph Dumstorf, owner of The Trend Companies of Kentucky, a regional appliance supplier, said customers would simply fold the added expense into their mortgage. Now the same homebuyer who gets $2,500 from the seller for appliances "will spend $2,499 ...
Senators give Hilder split vote for Court of Appeals seat - Salt Lake TribuneUpdated: 1:36 PM- Following a second grueling day of testimony and questioning, a senate committee on Wednesday narrowly recommended 3rd District Judge Robert Hilder for an open seat on the Utah Court of Appeals. Hilder passed out of the Judicial ...
Web Exclusive: Economic Crisis part 2 - ksl.com(KSL News) This week has seen the stock market on a volatile roller coaster ride. The Dow dropped more than 500 points yesterday, and today it was up 172. Consumer spending is down, the housing market is still a mess and many wonder what the $700 ...
Viewer Stories: Living Paycheck To Paycheck - WSB-TV AtlantaThe economy has caused my employer to cut me to a 3/4 worker, cutting my wages but still putting me above the line to qualify for underemployment. I've spent months searching for a new job without luck. I refuse to look beyond the tri-city area ...
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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