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News about Mortgages:
Credit doors are closing - International Herald TribuneA crucial source of financing for companies and banks is making some ominous grinding sounds. The market for commercial paper, which is high-quality, short-term debt, shrank by a record $95 billion last week, to $1.6 trillion, according to the U.S ...
Tsunami that crushed U.S. banks has reached Europe - International Herald TribuneThe tsunami that started in the United States and rolled across Britain has broken over continental European banks with a thunderous roar. From Copenhagen to Reykjavik, governments have been pushed to take stakes in banks, underwrite credit and ...
Farmers in five counties eligible for loans - Lincoln Journal StarFamily farmers in five Nebraska counties can now apply for low-interest emergency loans to help them recover from damages caused by severe weather. The loans can cover up to $500,000 of losses caused by storms, flooding and tornadoes from May 25 to ...

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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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