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News about Mortgages:
Desperate retailers hang 'sale' sign out - News.com.auCompetition ... retailers are pulling out all stops to get consumers spending. Retailers start sales early Stores battle to compete with online sales Competition intense, say experts CHRISTMAS store wars have come earlier and been more intense than ...
House buyers win 1 per cent rates reduction - News.com.auTHE share market plunged upon opening this morning and Federal Treasurer Wayne Swan has spoken out in the wake of yesterday's rate cuts. While homebuyers are celebrating in the knowledge they will get about $160 a month slashed from their mortgage ...
Woman pays back $30,000, gets jail time cut - Daily NewsA judge told a former Twin Oaks Nursing Home employee who admitted stealing about $30,000 that she was getting a break. “If she hadn’t gone to the extraordinary lengths that she did to come up with $30,000, she’d be going to jail for a long ...
Lure of home ownership outweighs the risks - The AustralianJAYLENE and Phillip McSherry lived in rented accommodation for almost seven years, but when the first-home buyers grant doubled to $14,000 earlier this month they decided now was the time to buy. The couple and their two children, Xander, 4, and ...
Caravan parks - the new suburbs created by rental crisis - Bombala TimesONCE places of last resort for people in desperate straits, caravan parks have been virtually closed off to people on the bottom tier of the community who, having suffered personal calamity, hope to put themselves together for another tilt at owning ...
The race begins for tide power bonanza - ScotsmanTHE race to develop Scotland's seas into the "Saudi Arabia of marine power" is about to start, with plans for 500 underwater turbines in the Pentland Firth. The Scotsman can reveal that an Australian company is already preparing a serious bid for the ...
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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