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Fed officials: Housing is basis for recovery - Inrich.comThe U.S. economy is not likely to recover until the housing market stabilizes, according to experts from the Federal Reserve Bank of Richmond. And the housing industry is still in distress, though the Richmond area is faring better than most. The ...
Insurance shares slump, with Hartford down 29 pct - ForbesShares of Hartford Financial Services Group Inc. and other life insurers fell Wednesday as investors grew more concerned about the sector's large exposure to commercial mortgage investments and the variable annuity business. Shares of Hartford ...
Tough times for real estate agents, bankers - Northwest HeraldDuring the boom times, Jan Leider liked to take five vacations a year. Now, the president of Northwest Mortgage Services takes one. Leider's Crystal Lake business is off. She is selling about half the number of mortgages that she did during the first ...
November 2008 - Weblogs.baltimoresun.comHis Eminence James Francis Cardinal Stafford criticized President-elect Barack Obama as “aggressive, disruptive and apocalyptic,“ and said he campaigned on an “extremist anti-life platform,” Thursday night in Keane Auditorium during his ...
Rugby must tackle the credit crunch - The IndependentIt's impossible to pick up a newspaper or switch on the television these days without being greeted with news of the impending recession or details on the global financial crisis affecting the money markets in London and New York. Yet it is against ...
AbitibiBowater Loss Widens on Costs to Close Mills (Update2) - BloombergNov. 6 (Bloomberg) -- AbitibiBowater Inc. , the world's largest newsprint maker, said its third-quarter loss widened from the previous period because of costs to close mills. The loss of $302 million, or $5.23 a share, compares with a second-quarter ...
As Credit Tightens, Companies Curtail Spending, Expansion - Washington PostCarMax said this week that it might curtail lending by its financing arm. It laid off 600 workers this month in an effort to save costs. (By Chris Rank -- Bloomberg News) With bank lending windows slammed shut for the past month, countless companies ...
More Business - San Francisco GateNeighborhoods with affordable home prices, a historical popularity with minority home buyers, and a lot of new construction have been more prone than others to spikes in foreclosures, according to a Chronicle analysis of housing and census data ...
Bernanke Refusal to Buy Genworth Paper Burdens Banks (Update2) - BloombergNov. 13 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke 's decision to deny commercial paper financing to all but the highest-rated borrowers is forcing some companies to seek the credit of last resort, backstop loans. Whirlpool Corp ...
Steven Pearlstein - Washington PostWashington Post columnist Steven Pearlstein was online Wednesday, Oct. 15 at 11:00 a.m. ET to discuss the stock market's return to a state of relative calm and where we go from here. About Pearlstein: Steven Pearlstein writes about business 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