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News about Mortgages:
Odds And Ends - New York Daily NewsJoe the Plumber gets his very own attack ad . John McCain defended Joe . A federal judge sided with the city on not allowing teachers to wear political buttons. Property tax relief is the focus of 32BJ's mailers on behalf of Brian Foley in the 3rd SD ...
Man pays for county's mistake in child-support case - Patriot-NewsWhen Walter Andre Sharpe Jr. signed for a certified letter from Dauphin County Domestic Relations in 2001, he didn't know he was signing on for a seven-year nightmare. Since then, the Philadelphia man has been thrown in jail four times, lost his job ...
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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