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Reducing the debt should be priority - Lowell SunDEAR BRUCE: I would like to refinance my home and consolidate other debts. A friend suggested that private individuals offer consolidation services. I would like to borrow $50,000 and would be willing to pay 10 percent over a period of five to seven ...
Reverse mortgages get a makeover - Lowell SunAs many readers know, you can get a reverse mortgage on your primary residence to pull equity from the property and use it on anything you like. There are really no formal requirements except for that you must be 62 (some lenders will allow 60) and ...
Family Raffling $1M Home For $50 - Wbaltv.comEDGEWATER, Md. -- A family in Edgewater is offering people a chance to own its million-dollar home for as little as $50. Lowell Melser Reports The state of the economy has everyone looking for deals, especially in real estate, and more and more ...
Housing hot issue in 2008 election - Nashua TelegraphThe politics of housing have changed in four years. In 2004, George W. Bush campaigned on a platform of increasing homeownership, especially among minorities. He wanted the government to insure zero-down payment mortgages. "In changing times ...
ECONOMY-US: Bailing Out a Boat Full of Holes - Inter Press ServiceBOSTON, Oct 7 (IPS) - The U.S. Treasury's bonanza from Congress to hand out 700 billion dollars to Wall Street is not what the country needs to right its shaky economy, many independent experts say. "Despite the bailout, it's clear the economy is ...
Bailing Out a Boat Full of Holes - Common DreamsBOSTON - The U.S. Treasury's bonanza from Congress to hand out 700 billion dollars to Wall Street is not what the country needs to right its shaky economy, many independent experts say. "Despite the bailout, it's clear the economy is going into a ...
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