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News about Mortgages:
County seeks funding to help homeowners avoid foreclosure - Cumberland Times-NewsCUMBERLAND — The Allegany County commissioners are expected to apply for more than a half million dollars to help low- to moderate-income residents avoid foreclosure. Jim Williams, development coordinator for the county’s Department of Community ...
Senecas’ casino plan draws ill will in Catskills - Buffalo NewsThe Seneca Nation of Indians’ surprise announcement Saturday that it plans to open a casino in the Catskills caught a lot of people off guard, including the supervisor of the town where the casino is supposed to be located. Anthony P. Cellini ...
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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