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News about Mortgages:
4.5 percent mortgage: Will it work? - Philadelphia InquirerRealtors, builders, and even the federal government have tried everything from giveaways to incentives to tax credits to get home sales back on track - all with scant results. The newest suggestion - 4.5 percent fixed-interest rates for home loans ...
Builder Baesler declares bankruptcy - Lexington Herald-LeaderA builder whose unfinished house on Indian Mound Road in Lexington drew complaints last summer from neighbors has declared bankruptcy. Dudley Scott Baesler and his wife, Shelly, filed a chapter 7 petition recently in U.S. Bankruptcy Court. The ...
Patrick names Ralph Gants for SJC vacancy - WTen.comBOSTON (AP) - Gov. Deval Patrick has nominated Superior Court Judge Ralph Gants to fill a vacancy on the state's highest court. The 11-year veteran of the Superior Court and former federal prosecutor will replace retiring Supreme Judicial Court ...
More lose homes, go bankrupt - The StateSouth Carolina is on track this year to record its largest number of bankruptcy filings since a 2005 change in federal law made it more difficult for people to file. And those who deal with bankruptcies say the rise is related to the increase in the ...
More families turning to area food pantries - Concord JournalThe holidays can be a stressful time under even the best of circumstances, with last minute gift shopping, travel arrangements and planning festive meals. But for local families struggling to keep up with mortgage payments, heating bills and the cost ...
Veteran judge in line for SJC - Boston GlobeGovernor Deval Patrick today is expected to nominate Superior Court Judge Ralph Gants as an associate justice of the Supreme Judicial Court, according to an official briefed on the nomination. Gants, 54, of Lexington, would fill the seat left vacant ...
Public Notices - Columbia StarNOTICE OF APPLICATION Notice is hereby given that Shanon Davis dba Big Country's Bar-b-que & Convenience intends to apply to the South Carolina Department of Revenue for a license/permit that will allow the sale ON/OFF premises consumption of Beer ...
House goes up in flames again - Chronicle-TelegramLORAIN — Somebody probably used gasoline or another accelerant to start a fire Sunday at a home on the city’s east side that initially burned on Friday night, according to Assistant Fire Chief Randy Hupp. The second fire caused $50,000 damage to ...
Kentucky banks in relatively good shape and so is home ownership - Richmond RegisterSome things about the economy are actually better in Kentucky, but as usual, it’s a good news-bad news scenario. Two university economics professors told the General Assembly’s Banking and Insurance Committee Tuesday that Kentucky banks are ...
Economy pushes new agenda - Detroit NewsWASHINGTON -- When recessions officially begin and end may not mean much to consumers feeling harsh economic pain. But now that the recession is official, President-elect Barack Obama may find it easier to power his economic agenda through Congress ...
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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