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News about Mortgages:
No parole for scam man - Edmonton SunConvicted mortgage-fraud kingpin Gohar Pervez plans to dive right back into the real estate business just as soon as he is released from prison, National Parole Board documents indicate. The same documents detail the reasons for denying Pervez's ...
Jerry Lewis look-alike made it pay - News-DemocratAbout Roger After stumbling around the wilderness of sports and city halls for seven years, Belleville's born-and-bred Roger Schlueter finally found his niche in Lifestyle in 1981. Helping start both the paper's medical and entertainment sections, he ...
Layaway? Sears is offering it once again - News-DemocratSears says it is giving its customers what they wished for this holiday season: layaway. This age-old pay-as-you-go option shopping option has recently re-emerged as a popular choice as the country's economy continues its decline. The move follows ...
Paulson, Bernanke defend $700B bailout - Edmonton SunWASHINGTON (AP) — Treasury Secretary Henry Paulson expressed fresh reservations Tuesday about tapping a $700 billion bailout pool to provide mortgage guarantees to help stem soaring home foreclosures. Paulson and Federal Reserve Chairman Ben ...
'Steady as she goes' - Winnipeg SunLt.-Gov. John Harvard delivered Manitoba's provincial throne speech yesterday, outlining the NDP government's plans for the coming year. Those plans include a flurry of bans on everything from plastic bags and making phone calls while driving to ...
Generals put Tavares on the market - Sportsnet.caThe Oshawa Generals have set the wheels in motion to trade John Tavares. A source told sportsnet.ca the Generals contacted a few teams Wednesday morning indicating they are now open to offers for the superstar centre, who was anointed by the NHL’s ...
Energy prices knock inflation for loop - Ottawa SunSharply falling energy prices took the steam out of inflation last month, cutting the overall rise in Canadians’ cost of living to 2.6 per cent, down from 3.4 per cent in September. On a month-to-month basis, consumer prices fell one per cent in ...
PC Caucus gives voice to rural Ontario: Hillier - Canada Free Press(Queen’s Park) – Ontario Progressive Conservative Rural Affairs Critic Randy Hillier (Lanark-Frontenac-Lennox and Addington) today said the McGuinty Liberals have spent their years in office governing for urban Ontario and leaving rural Ontario ...
U.S. home construction sinks to record low - Winnipeg SunWASHINGTON — Construction of new homes in America plunged last month to the lowest level on records going back nearly 50 years as U.S. builders slashed production while Wall Street nosedived. Embattled homebuilders, who enjoyed a five-year boom ...
U.S. moves to prop up those at risk of foreclosure - Globe and MailReality Check from Golf green on Bloor St., Canada writes: I don't like this at all. Do you hear the can of worms opening up? "To qualify, borrowers would have to be at least three months behind on their home loans, and would need to have home loans ...
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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