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News about Mortgages:
Two-bed house would like to meet small flat with a view to exchange - Guardian UnlimitedHome sellers struggling to attract buyers in today's fragile economic climate are turning to 'home-swapping' as a potential solution to difficult conditions in the property market. Home swapping has traditionally been used as a way to find temporary ...
Market Report: New fears over funding hit Taylor Wimpey - The IndependentTaylor Wimpey lost more than 37 per cent of its value last night amid speculation that funding problems may force the troubled housebuilder into a debt-for-equity swap. The housing market slowdown has forced the company into talks to renegotiate the ...
Panel hears overtures - Daily SouthernerThe Golden LEAF Community Assistance Initiative steering committee will re-rank the 15 remaining proposals vying for $2 million in funds, after hearing information about each of them Tuesday. Each proposal's advocate was given 10 minutes to present ...
How they managed to botch the bailout - Times OnlineIs the Government's rescue programme beast or beauty for Britain's banks? The leap in share prices has been beautiful for short-term investors in the stock market. But a strong case can be made that the Government has been beastly to the banks, with ...
Obama challenge: 'Great need of change' - Daily AdvanceBrett A. Clark/The Daily Advance Edgar Irizarry, with his wife Olga, talks about his opinion on how Barack Obama will do as the new U.S. President Saturday at the Southgate Mall in Elizabeth City. Brett A. Clark/The Daily Advance Edgar Irizarry, with ...
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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