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News about Mortgages:
GAP bridges home crises - Nashville TennesseanIn March 2006, Teresa Burns glimpsed at a murky future. While attending a U.S. Department of Housing and Urban Development event, Burns learned that Tennessee had been identified as a high-risk state for real estate foreclosures. "They showed this ...
Maldives' first president dies - CNN(CNN) -- Ibrahim Nasir, credited with ushering in independence to the Maldives as prime minister and then serving as its first president has died, a former government spokesman confirmed. Nasir, 82, died in Singapore on Saturday after a long illness ...
Solar squabble burns brightly in California - Houston ChronicleTHE TREES: Architect Michael Rachlin contends that his trees aren't a big factor in the inefficiency of the solar panels at his neighbor's business in Culver City, Calif. CULVER CITY, Calif. — One neighbor loves his solar panels, which have cut his ...
Burns Harbor steelworkers could face layoffs - NWITimes.comBURNS HARBOR | ArcelorMittal on Friday said that as many as 2,444 employees at its Burns Harbor plant could be laid off indefinitely in January. A prepared release from ArcelorMittal said the company notified the United Steelworkers and other ...
State wants to keep closer eye on banks - Las Vegas SunCarson City — State officials want to step up their assessments of the soundness of banks, credit unions, trust companies and thrifts. George Burns, administrator of the Financial Institutions Division, said that because of the shaky economy the ...
Two-alarm fire guts house in western Las Vegas - Las Vegas SunA two-alarm fire gutted a home in the western Las Vegas Valley at about 11:45 p.m. Wednesday, injuring one person, and causing an estimated $750,000 in damage. Las Vegas firefighters arrived at 2900 Channel Rock Drive near Fort Apache Road and Sahara ...
Two men shot at mall near Seattle - CNN(CNN) -- Two men were in serious condition Saturday evening after shootings at a shopping center in Tukwila, Washington, authorities said. The men who were shot were taken from the Westfield Southcenter on stretchers and placed in ambulances. Two ...
Business is booming for debt-consolidation companies as more people ... - MSNBCA year ago, Sarah Leineke had 150 clients. Now, she has more than 450. Jack Craven’s firm has seen his work increase by more than 25 percent this year. “Last month was the biggest month we ever had,” said Craven, president of Debt Settlement ...
BofA boss' bad-news tour makes a stop in Chicago - Chicago TribuneKen Lewis is getting a lot of attention these days as he gives voice to the gloom in the financial-services sector. The Bank of America boss has spread the bad news from "60 Minutes" to the Detroit Economic Club—imagine what a happy bunch that must ...
Firefighters make gains on Southern California wildfires as weather ... - Minneapolis Star TribunePa. grand jury investigating GOP use of database Astronauts prepare to unpack Endeavour's cargo California firefighters make gains on fires Postal Service investigates Countrywide VIP mortgage deal for postmaster general Repairs to Swiss particle ...
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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