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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.

View all Terms
Siskiyou mortgage rates news:
Financial News
Siskiyou housing market slumps - Record Searchlight
When it comes to the sagging real estate market, Siskiyou County is not immune. According to statistics provided by the Siskiyou County Board of Realtors, in 2005 the average home in Siskiyou County sat on the market an average of 89 days and sold ...

Same sex marriages banned; legal action threatened - Record Searchlight
California's new same-sex marriage ban has taken hold in Shasta County. "At this point ceremonies and licenses (for same-gender couples) are suspended until we have a definitive answer from the courts or the state," Shasta County Clerk Cathy Darling ...

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