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Financial Experts Field Public's Queries During Online Chat - The LedgerEvery time a big, red, downward-facing arrow appears next to the word "Dow" on TV, it's natural to think, "Should I be doing something different?" When your bank needs a bailout, it only makes sense you'd contemplate jumping ship. To field your ...
Mortgage Rates May Fall After Fannie, Freddie Rescue (Update1) - BloombergSept. 9 (Bloomberg) -- The U.S. government takeover of Fannie Mae and Freddie Mac on Sept. 7 may provide relief for homeowners who want to refinance mortgages and prospective buyers shopping for a loan. The U.S. average 30-year fixed rate fell today ...
Mall owner warns of default - Denver PostAiling mall owner General Growth Properties Inc. warned Monday in a government filing that its failure to refinance or extend $1 billion in debt due this month could trigger default on billions of dollars in debt, and its ability to continue ...
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