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News about Mortgages:
Deripaska Ends Magna Investment as Bank Recalls Loan (Update2) - BloombergDeripaska Ends Magna Investment as Bank Recalls Loan (Update2) By Torrey Clark and Yuriy Humber Oct. 3 (Bloomberg) -- Russian billionaire Oleg Deripaska ceded his investment in Canadian auto-parts maker Magna International Inc. to a bank that ...
446 acres in Port St. Lucie may be rezoned for 1,800-home development - Palm Beach PostThe Port St. Lucie City Council gave preliminary approval at Monday night's meeting to rezone 446 acres from agricultural land to a planned 1,800-home development. The property is south of Midway Road between McCarty and Shinn roads. The property's ...
History's Biggest Margin Call - Safe HavenWhat a vicious crisis. For the week, the Dow was hammered for 5.3% (down 36.8% y-t-d) and the S&P500 6.8% (down 40.3%). Economically-sensitive issues were, again, hammered. The Morgan Stanley Cyclical index dropped 12.0% (down 50.9%). The Transports ...
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