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Bush Reversal on Iraq Deadline Gives Obama Breathing Room - Washington PostDuring a symbolic signing ceremony, Iraq ambassador Ryan Crocker said the Iraqi Cabinet's approval of a security pact extending the presence of American forces in Iraq for three years is 'historic'. The deal still needs parliamentary approval. By ...
ALL BUSINESS: Investors hold up mortgage changes - TrentonianNEW YORK (AP) - The federal government keeps bailing out the financial industry, but some working in that world seem reluctant to do their part, even if that could help stem the financial system's meltdown. At the center of today's economic and ...
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 ...
US home construction sinks to new record low - TrentonianWASHINGTON (AP) - Construction of new homes in the United States plunged last month to the lowest level on records going back nearly 50 years as builders slashed production while Wall Street nosedived. Embattled homebuilders, who enjoyed a five-year ...
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 ...
Washington Twp. to front cash for affordable housing - Morris County Daily RecordWASHINGTON TWP. -- The township committee will help a developer overcome challenges posed by the housing market slowdown, so that a 10-unit affordable housing project can be built on Drakestown Road. The committee on Monday agreed to front Homeless ...
Corporate Crime - NewsdayNEW YORK -- Opera-loving philanthropist Alberto Vilar was convicted on fraud charges today for swindling investors, including the mother of actress Phoebe Cates, out of millions of dollars. Federal prosecutors accused Vilar and a business partner of ...
'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 ...
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 ...
Millstone's House Hill Farm saga continues - ExaminerAfter years of cleanup and monitoring, House Hill Farm in Millstone has received a no further action letter from the state for illegal dumping that occurred there in the 80s. However, the accomplishment is bittersweet for the farm's current owners ...
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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