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'Black Friday' won't stave off black days ahead: Analysts - Ottawa SunWASHINGTON (AP) — U.S. retail shoppers hunting for holiday bargains on ”Black Friday” won’t be enough to stave off what’s likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims ...
U.S. Auto Workers to hold meeting on bailout - Winnipeg SunDETROIT (AP) — Local United Auto Workers leaders from across the country will hold an emergency meeting in Detroit on Wednesday to discuss concessions the union could make to help auto companies get government loans. UAW leaders called the meeting ...
House Race Update: Ohio Sup. Ct. to Rule on Franklin County Votes - ABC News BlogsABC News' Teddy Davis and Arnab Datta Report: A federal appeals court ruled Tuesday that the Ohio Supreme Court -- and not a federal district court -- is the proper forum to decide how approximately 1,000 challenged provisional votes should be ...
ECB's Trichet urges banks to resume lending - Boston GlobePARIS— The European Central Bank's president says policymakers are doing their job to restore confidence amid the financial crisis, and banks now need to resume lending to one another and customers. Jean-Claude Trichet says governments and central ...
Stocks rise in U.S. despite weak GDP figures - International Herald TribunePARIS : Stocks rose in the United States following a robust rally in Asia as several central banks joined the Federal Reserve in lowering their official interest rates. The Dow Jones index climbed 0.7 percent and the Nasdaq was up 0.6 percent. The S ...
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.
View all Terms