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What We Still Don’t Know About the Mortgage Crisis - New York Times BlogsJust today, Senator McCain offered up the oldest Washington stunt in the book: you pass the buck to a commission to study the problem. But here’s the thing; this isn’t 9/11. We know how we got into this mess . It’s one thing to criticize McCain ...
The Next President Wants to Hear from You - Embeds.blogs.foxnews.comCHICAGO - Just days after handily winning the election, President-Elect Barack Obama has set up a new website to provide information to U.S. citizens during the transition period leading up to Inauguration Day, when he will take the oath of office 75 ...
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 ...
Senators Side With Students - Inside Higher EdThe two U.S. senators who proposed an amendment to the nearly $19 billion student loan bill that was debated, and ultimately passed, on the Senate floor Thursday may have had some legitimate arguments on their side. They asserted — and some of its ...
The Post-Election Rant - Cape Cod TodayW hether you supported Obama or not, I hope everyone appreciates the history of what happened Tuesday night. The same people that celebrated in the streets MUST be engaged in the process, whether it is in their towns, state or wherever. Certainly the ...
US Economy--Recession, Depression, or Collapse? - Common Dreams"For Consumers, the Hits Keep Coming" a recent banner headline in a New York Times-owned daily newspaper here in Northern California reports. The article misses the main points. If we continue to understand ourselves as primarily passive consumers ...
The rising taxpayer burden - bbcFor me, the most interesting story of the past 24 hours is that VW , the stressed German carmaker, is trying to raise €2.8bn (£2.2bn) from the European Central Bank . It plans to raise cash from the ECB in exchange for €2.8bn of ...
McCain, Obama get tough, personal in final debate - Evansville Courier-PressSee the results without voting » . HEMPSTEAD, N.Y. — John McCain assailed Barack Obama's character and his campaign positions on taxes, abortion and more Wednesday night, hoping to turn their final presidential debate into a launching pad for 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