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News about Mortgages:
Small firms: Brown’s last throw - Times OnlineFor Dan Scarfe, an IT entrepreneur in Windsor, times have never been better. In the past few months his software firm Dot Net Solutions, which helps businesses save money by making their IT systems more efficient, has been overwhelmed with requests ...
UK banks must heed most significant interest rate cut in a generation ... - Online RecruitmentThe Forum of Private Business (FPB) is urging the UK’s banks to reduce interest rates in line with the Bank of England’s decision to cut the cost of borrowing by 1.5%, the largest reduction in a generation. As was the case in October 2008, many ...
Business groups press banks to relax restrictions on lending - Times OnlineBusiness groups attacked high street banks last night over their treatment of small companies and gave warning that a failure to pass on yesterday’s dramatic rate cut could exacerbate the economic downturn. Banks have been increasing overdraft and ...
PQ platform: 6 themes, including sovereignty - Montreal GazetteThe Parti Québécois yesterday adopted an election platform that party leader Pauline Marois says is acutely tuned to the needs and aspirations of Quebecers. "We can say it is a platform that really corresponds to the expectations of Quebecers ...
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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