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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

Gordon mortgage loans news:

Britain set for record-low interest rates - Times of Oman
LONDON: The Bank of England will Thursday slash interest rates for a third month running, bringing them to their lowest ever levels as Britain readies to join a growing list of nations officially in recession, analysts said. British interest rates ...

U.K. Mortgage Approvals Drop to the Lowest Since at Least 1999 - Bloomberg
Jan. 2 (Bloomberg) -- U.K. mortgage approvals dropped to the lowest since at least 1999 in November and banks predict they will restrict lending further to companies and consumers as the recession causes spiralling defaults and losses. Lenders ...

Don’t Blame George Bush; it was Gordon Gekko this Time! - Florida Times-Union
George Bush didn’t do it this time! I know many want to blame George for everything that happened over the last eight years but in the case of our current financial crises it was not George. As Gordon Gekko pointed out in the movie Wall Street in ...

Cameron: 'I feel like shaking Gordon Brown over his handling of the ... - Daily Mail
David Cameron said today he sometimes feels like ‘shaking’ Gordon Brown over the way he is dealing with Britain's economic crisis. The Tory leader urged Mr Brown to ‘get with the programme’ and admit that Government plans for tackling the ...

Mortgage relief for homeowners - The Sun
MORE Brits facing repossessions will get Government help from today. Thousands of extra homeowners will qualify for help with interest payments after the threshold for qualification was raised. The waiting period to get on to the scheme was also ...

U.K. Home Loans Drop to Least Since 1999, Prices Fall (Update1) - Bloomberg
Jan. 2 (Bloomberg) -- U.K . mortgage approvals dropped to the lowest level since at least 1999 in November, house prices fell by the most in a quarter-century last year, and banks predict more curbs on lending as the recession deepens. Lenders ...

David Cameron: sometimes I feel like shaking Gordon - Times Online
David Cameron said today that he sometimes felt like shaking Gordon Brown over his handling of the economy. The Conservative leader said that he was frustrated that the Prime Minister had wasted £12.5 billion on cutting VAT, when what really needed ...

U.K. Rescue Fails to Spur Bank Loans - Wall Street Journal
LONDON -- A new U.K. lending survey shows banks sharply tightening credit to households and companies, intensifying worries that the government's £500 billion ($725 billion) bank-rescue plan is failing to get money flowing into the economy. The ...

Forget initiatives, what matters is lack of credit - Times Online
Gordon Brown and David Cameron have started the year with a burst of largely irrelevant initiatives and hectic trips around the country. But hyperactivity is not the same as action. Mr Brown's pledge to create 100,000 jobs and Mr Cameron's new ...

House prices suffer record drop as mortgage lending collapses - Herald
House prices across the UK plunged by 16.2% during 2008 in the biggest drop for a calendar year on record, Halifax said today. New figures have also revealed the number of mortgages approved for house purchase slumped to a new low during November ...