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News about Mortgages:
Fed Aid Sets Off a Rush to Refinance - Wall Street JournalThe Federal Reserve's attempt to stabilize the housing market set off a chain reaction across the U.S. on Tuesday, dropping interest rates and quickly spurring a burst of refinancing activity by borrowers eager to lower their mortgage costs. Some ...
Register for FREE - Wall Street JournalPlease register to gain free access to WSJ tools. An account already exists for the email address entered. Ms. Jordan is a former operations vice president at Bank of America, her job was eliminated in 2008. Prior to Bank of America, Jordan spent ...
Business past, business present? - Monroe Evening News- Evening News photo by KIM BRENT Headlines of today's state of affairs are reminiscent of those some 70 years ago. One area business, Martin's Shoe House in Monroe, has weathered the times and seen its share of history. Greg Martin (left) and his ...
Mortgage rates fall, but many borrowers will have trouble qualifying - Los Angeles TimesThe biggest savings for shoppers this holiday season may be in home mortgages, thanks to a decline in interest rates spurred at least in part by the latest federal financial rescue effort. But it's an open question whether consumers will actually ...
Hope for Homeowners program appears dashed - Baltimore SunThe government's Hope for Homeowners plan launched Oct. 1 was initially projected to help as many as 400,000 struggling borrowers avert foreclosure over the next three years. But fewer than 100 homeowners applied to the program in October, and the ...
Government's mortgage relief program gets few takers - Los Angeles TimesThe federal government's Hope for Homeowners program launched Oct. 1 was initially projected to help as many as 400,000 struggling borrowers avert foreclosure over the next three years. But fewer than 100 homeowners applied for the program in October ...
Washington Mutual Skids on Outlook, Cuomo ProbeĀ - CNBCWashington Mutual, the largest U.S. savings and loan, said loan losses will mount as the housing slump persists through 2008. It also faced a widening probe by New York Attorney General Andrew Cuomo over whether it pressured a big title insurer to ...
Housing program appears dashed - Nashua TelegraphThe government's Hope for Homeowners plan launched Oct. 1 was initially projected to help over the next three years as many as 400,000 struggling borrowers avert foreclosure. But fewer than 100 homeowners applied to the program in October, and the ...
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