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News about Mortgages:
Countrywide to refund $11.5 M to NC borrowers - WCNCRALEIGH, N.C. -- Two subsidiaries of Countrywide Financial Corp. have agreed to repay more than $11 million to nearly 5,000 North Carolina borrowers who were overcharged on their mortgages, the state banking commissioner said Thursday. Countrywide ...
People in business - Memphis Commercial AppealJohn Ueleke , president and chief executive officer of Legacy Wealth Management, has been recognized as a top financial adviser in both Medical Economics and Worth magazines. Linda McDowell and Vanessa Bintz , both formerly with First Tennessee Home ...
Jackson County unemployment hits 9.4 percent - MLive.comThe number of unemployed in Jackson County rose 37 percent in the past year, hitting an unemployment rate reminiscent of the early 1990s. There were 7,100 county residents without jobs in October — 1,900 more than at this time last year, according ...
Register for FREE - Wall Street JournalContrary to the assertions of critics, the evidence does not support the view that the CRA (Community Reinvestment Act) contributed in any substantial way to the crisis in the subprime mortgage market,” Federal Reserve governor Randall Kroszner ...
Foreclosures fill home market - Kansas City Business JournalJack Shelton, owner of Shelton and Associates, inspects a recently foreclosed home in Overland Park. The high number of foreclosures has his business booming, he says. The data show signs of improvement for the area housing market, but the market’s ...
Bernanke: lower interest rates are ‘‘feasible’’ - Jackson SunWASHINGTON — Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are ‘‘certainly feasible,’’ but he warned there are limits to how much such action would revive an economy likely to stay weak well into next ...
Great Wolf talking with lenders about mortgage extension - Milwaukee Journal SentinelDec. 1, 2008 11:42 a.m. | Madison-based Great Wolf Resorts Inc. says it remains in discussions with its lenders regarding an extension of yesterday's maturity date on a $76.8 million mortgage loan on its Mason, Ohio, water park resort. Until those ...
Home Front: Foreclosed Sacramento property to sprout new houses - Sacramento BeeAt last, Home Front has found a more pleasant way to tell a foreclosure story. When Golden 1 Credit Union recently foreclosed on a 1-acre property near Rio Linda, it didn't just put it back on the market at a big loss. California's biggest credit ...
Lobbyists will love Obama - Jackson SunBarack Obama promised the end of the era of lobbying as we know it during the campaign, but the National Marine Manufacturers Association didn't get the message. Nor did the National Automobile Dealers Association. Nor did anyone else who can make a ...
Tallahassee woman fighting to keep her home - Tallahassee DemocratIn my heart, I thought I owned the house. Ralph had made all the payments," she said. She has receipts for each one. They even had a mortgage life insurance policy to pay the loan balance in the event of his death. Then the unthinkable happened ...
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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