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British house prices continue to drop - MarketwatchLONDON (MarketWatch) - British house prices continued to tumble in November, with the average price off 2.6% on the month, mortgage lender Halifax reported Thursday. The average house price in November stood at 163,605 pounds ($242,446), down 14.9 ...
City may increase its affordable housing fund - San Luis Obispo TribuneThe city of San Luis Obispo is looking at expanding the amount of affordable housing funds dedicated to purchasing townhomes on Orcutt Road, because even with the aid available, some buyers were not finding the homes affordable. The issue before the ...
Bank of England slashes key rate - MarketwatchLONDON (MarketWatch) -- The Bank of England on Thursday slashed its key lending rate by a full percentage point to 2%, the lowest level since 1939 as policy makers wrestle with a global financial crisis and the threat of a deep and long-lasting ...
Latest Pictures - Newstrack IndiaNew Delhi, Nov 12 (IANS) A MiG 29 trainer aircraft of the Indian Air Force (IAF) crashed in Tinsukhia district of Assam Wednesday, IAF officials said here. The pilots ejected safely before the crash. According to initial reports Search continues for ...
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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