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

Jersey refinance mortgage news:

Is now the time to refinance? - ABC Action News
The holidays are likely to be a little more cheery at Kevin Coughlin's home. Coughlin refinanced the adjustable-rate mortgage on his Shorewood, Minn., house this week into a 30-year fixed-rate mortgage that's going to save him $200 a month. "It takes ...

Low mortgage rates tough to get - Contra Costa Times
Mortgage rates are at their lowest level in decades, but thousands of Bay Area residents are discovering that qualifying for a loan is tougher than it has been in years. Banks are reluctant to lend at favorable rates to all but the most bulletproof ...

General Assembly to tackle foreclosure problem - Star-Press
With the consequences of home foreclosures rippling across Indiana, state lawmakers will begin hearings this week in hopes of finding a way to ease the pain of Hoosiers struggling to hold on to their homes. Their options include extending the time ...

Indiana General Assembly to tackle foreclosures - Indianapolis Star
For-sale signs. Plummeting values. Sheriff's auctions. Abandoned homes. With the consequences of home foreclosures rippling across Indiana, state lawmakers will begin hearings this week in hopes of finding a way to ease the pain of Hoosiers ...

Mortgage rates are low, but loans difficult to get - San Jose Mercury News
Mortgage rates are at their lowest level in decades, but thousands of Silicon Valley residents are discovering that qualifying for a loan is tougher than it has been in years. Banks are reluctant to lend at favorable rates to all but the most ...

Robins Robins Miller & Lloyd Continues to Plot a Course of ... - Earthtimes
EAST RUTHERFORD, NJ -- 01/07/09 -- In late December, New Jersey investment banking group Robins Robins Miller & Lloyd announced it would look into diversifying its product and service offerings in hopes to increase profitability. While the firm has ...

Tips for troubled times: Action this year will save money - NorthJersey.com
This is a time for new beginnings, a chance to put the horrors of 2008 behind and get your finances off to a fresh start. Here are five tips from members of The Record's business staff for getting your financial house in order and for laying the ...

The Shore's economy is expected to slump in 2009 - Asbury Park Press
Janet Concepcion doesn't have to travel far from her Middletown home to bear witness to an economy that's in a nosedive. A local restaurant closed before she could use a gift card she had. The strip mall vacancies seem to be rising. Her hours as a ...

Financial Crisis Answer Center - Smart Money
Financial Resolutions for the New Year The Pros and Cons of Buying a Car Now Fund Managers Share Lessons From Crash QUESTION : I carry a large balance on my Chase card. Previously my interest rate was at prime all round, inclusive of cash advances. I ...

CapeCodToday Blog Chowder - Cape Cod Today
Welcome to CapeCodToday's Blog Chowder! This page aggregates the most recent postings from all the CapeCodToday bloggers for your convenience. Bookmark this page or see below left for RSS options. I remember the OJ trial. There was a lot of evidence ...