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Paulson calls for replacing Fannie/Freddie - Birmingham Business JournalOutgoing U.S. Treasury Secretary Henry Paulson reflected on the downfall and future of embattled mortgage giants Fannie Mae and Freddie Mac in a speech before the Economic Club of Washington on Wednesday. He argued that there was widespread ...
Battle brewing over new appraisal rules - Chicago TribuneWhen you apply for a mortgage to buy or refinance a house, should you be concerned that your appraiser is being paid much less — maybe just half –– of the $300 to $600 you're charged on your settlement sheet? Should you know who pockets the ...
The very good reasons to refinance - Boston GlobeWhen I wrote about the hidden cost of the additional years of mortgage payments, several people wrote in with very good reasons to refinance anyway. Today, let’s discuss those: Cash flow: Paying less on mortgage every month gives you more money in ...
Realtors Protest Increase in Fannie Mae Mortgage Fees - Wall Street JournalThe National Association of Realtors said an increase in fees by Fannie Mae "imposes major new costs" on home buyers and people trying to refinance into more affordable mortgage loans. The trade group's protest -- made in a letter to the Federal ...
Mortgage refinancing skyrockets - Cincinnati.comWith U.S. mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance their mortgages in Greater Cincinnati and Northern Kentucky. From the largest commercial banks to ...
Mortgage rates fall to third straight record low - Associated PressWASHINGTON (AP) -- Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring. With the Federal Reserve on the verge of pouring hundreds of billions of ...
'Govt to focus on IIFCL refinance to pump in Rs 75k cr' - Zee NewsNew Delhi, Jan 05: The government will focus on utilisation of refinance facility extended to IIFCL to provide Rs 75,000 crore for the infrastructure sector projects with a view to arrest economic slowdown, Planning Commission Deputy Chairman Montek ...
Govt to focus on IIFCL refinance to pump in Rs 75k cr: Montek - Economic TimesNEW DELHI: The government will focus on utilisation of refinance facility extended to IIFCL to provide Rs 75,000 crore for the infrastructure sector projects with a view to arrest economic slowdown, Planning Commission Deputy Chairman Montek Singh ...
Mortgage applications down in latest survey - ForbesMortgage applications fell last week, reflecting a slight dip in refinancing after a surge last month as borrowers seized on lower interest rates. The Mortgage Bankers Association said Wednesday its weekly application index fell 8.2 percent for the ...
Mortgage rates fall to record low - Baltimore SunWASHINGTON - Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel ...
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