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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
Lake refinance mortgage news:
Financial News
Economists offer guidance to Utahns for '09 - Salt Lake Tribune
Probably not quickly enough to suit most folks. In Utah, in 2009, "We're still going to have more layoffs and more home price depreciation," said Mark Knold, chief economist with the Utah Department of Workforce Services. Much of his prediction stems ...

Developers, agents trying to adapt in tough economy - Knoxville News Sentinel
Orlando-based development company Land Resource closed its sales office for The Villages at Norris Lake last summer and development work came to a halt on the waterfront project near LaFollette. How long will the pain last? As the calendar turns to ...

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