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News about Mortgages:
Kentucky banks remain a sound investment - Ledger IndependentDespite the current national financial crisis, officials with area banks say their institutions remain financially solid and that loans for new homes and cars are available for credit-worthy customers. According to Bank of Maysville officer and State ...
Feds move to steamline help process for homeowners - Ledger IndependentWASHINGTON - In the most sweeping effort so far to help troubled homeowners, the federal government and the mortgage industry on Tuesday will announce a plan to streamline the assistance process for hundreds of thousands of delinquent loans held by ...
Korean immigrant-investor ventures out to West End - Atlanta Journal ConstitutionLet other Korean investors pour money into Gwinnett County's new "Little Korea." Suna Om is an inner-city gal – a kind of Korean-American ambassador on the streets of the West End. The real estate developer bought a corner of the southwest Atlanta ...
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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