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News about Mortgages:
Appraisers feel slowdown, too - Birmingham NewsOn a recent chilly morning, Julie Malone and Carol Banton drove up to a vacant, newly constructed house off Ditto Marina Parkway ready to work. Malone, an appraiser trainee, pulled out a camera, tape measure and clip board, the tools of her trade ...
Editor's Mailbag (Oct. 7) - Albany Democrat-HeraldWhen I loan money to a friend, I expect it to be paid back. When a bank makes a loan to someone to purchase a house or car, it needs repayment of the loan if the lender is to remain in business. Liberal lawmakers in government since 1992 have ...

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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.
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