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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
Chaffee mortgage quotes news:
Financial News
Editor's Inbox - Globe Gazette
First it was the banks asking for billions of dollars in bailout money. Now it is the auto industry asking for billions of dollars in bailout money. All their officers are getting big bonus money and other “goodies” so they can continue to live ...

New Wright Ad Attacks Obama in Battlegrounds - ABC News Blogs
ABC News’ Rick Klein Reports: A Republican political action committee on Monday is launching a new TV ad campaign in three battleground states featuring Sen. Barack Obama alongside the Rev. Jeremiah Wright, in the latest salvo from a GOP-aligned ...

Beautiful Miss Idaho in LCHS Parade - Spokane Spokesman-Review
How about a photo of Coeur d'Alene's newest Sweetheart to end the week? Miss Teen Idaho, Estrella Atkinson , a senior at Lake City High School, along rain soaked Sherman Avenue, Friday afternoon during the Lake City High School Homecoming Parade ...

Poll: Obama widens lead - Globe Gazette
They're taking no chances at Madame Tussauds Wax Museum in London. Despite the polls, the staff there have prepared clay head molds for both John McCain (left) and Barack Obama so a display featuring the new U.S. president can be moved into place ...

Pantagraph endorses Barack Obama for president - Pantagraph
Regardless of who wins, the 2008 race for the White House is already a historic benchmark. We will wake up on Nov. 5 with either our first black president or our first female vice president. | Election page: Read other Pantagraph endorsements Even ...

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