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

Morgan mortgage rates news:

See today's average credit card rates across the country. - MSNBC
WASHINGTON - The historic takeover of Fannie Mae and Freddie Mac, which could come as soon as this weekend, moved to the forefront of the presidential campaign Saturday as candidates and congressional leaders seized on the enormous implications for ...

Fannie, Freddie blind to the bubble - San Diego Union-Tribune
WASHINGTON – Mortgage giants Fannie Mae and Freddie Mac – despite their robust cadre of economists and mortgage experts – failed to heed warnings that the most dramatic housing bubble in U.S. history would burst. The companies – particularly ...

Treasury briefs candidates on plan to seize Fannie, Freddie - Miami Herald
WASHINGTON -- The widening housing crisis took center stage on the presidential campaign trail Saturday after the Treasury Department confirmed to the candidates it was preparing a historic seizure of mortgage finance giants Fannie Mae and Freddie ...

Company Bond Risk Rises as U.S. Unemployment, Foreclosures Grow - Bloomberg
Sept. 5 (Bloomberg) -- The cost of protecting corporate bonds from default rose as the U.S. unemployment rate jumped to a five-year high and the percentage of the nation's mortgages that went into foreclosure climbed by the most in at least 29 years ...

Fannie, Freddie blind to bubble - Straits Times
WASHINGTON - MORTGAGE giants Fannie Mae and Freddie Mac - despite their robust cadre of economists and mortgage experts - failed to heed warnings that the most dramatic housing bubble in US history would burst. The companies - particularly Freddie ...

Treasury to Rescue Fannie and Freddie - Washington Post
Treasury Secretary Henry Paulson briefed presidential candidates John McCain and Barack Obama on plan. (Pool Photo By Simon Dawson Via Getty Images) The Bush administration yesterday prepared to take over the troubled housing finance companies Fannie ...

Frank Confirms Treasury Intervention To Shore Up Fannie Mae, Freddie ... - Wall Street Journal
Rep. Barney Frank (D., Mass.) confirmed that Treasury Secretary Henry Paulson is planning government intervention to back troubled mortgage giants Fannie Mae and Freddie Mac . The chairman of the House Financial Services Committee said in a statement ...

U.S. Near Deal on Fannie, Freddie - Wall Street Journal
The plan is expected to involve putting the two companies into the conservatorship of their regulator, the Federal Housing Finance Agency, said several people familiar with the matter. That would mean the government would take the reins of the ...

Uncertainty will rule the land until the election - Times Online
Now is the time to try to determine what the rest of the year will look like - for three reasons. First, traders, investors, politicians and executives are back at work, either refreshed or weary from their vacations. Second, as Gerry Baker, US ...

Fannie, Freddie backstop rumored; could trigger rally - Miami Herald
Wall Street may be poised for a rally Monday as rumors swirled Friday about a possible weekend rescue plan for troubled mortgage finance titans Fannie Mae and Freddie Mac. For the past several weeks, the Treasury Department, the Federal Reserve and ...