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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.

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Jefferson mortgage loan news:

Home sales off 30 percent since '06 - Fort Morgan Times
Home sales have fallen by 30 percent over the past two years, but there is hope for those who are trying to sell. Although it can be more difficult today for buyers to get mortgage loans, they are out there for people who have good credit ratings and ...

Mortgage crisis here may be worse than reported - Buffalo News
Dorothy Gary never lost her home, but the senior citizen’s oversized 24 percent mortgage rate brought her awfully, awfully close. Gary got help, but only after learning that seven years of uninterrupted monthly payments had barely made a dent in ...

Woman who stole from sports league sentenced - KUSA-TV
LITTLETON - An office manager has been sentenced to jail time for forging stealing more than $100,000 from a local sports league. The Jefferson County District Attorney's Office says on Thursday, a judge sentenced Carrie Smith, 45, to four years ...

Audio: Washington correspondent reflects on Bush interviews - Milwaukee Journal Sentinel
Jan. 9, 2009 1:52 p.m. | In 11 days, George W. Bush will leave the White House and the presidency and return home to Texas. In a story that will appear in Sunday's Journal Sentinel, Washington Bureau chief Craig Gilbert looks back at a half-dozen ...

The Tax Man - Midland Daily News
City Assessor Reid Duford knows all about the roller coaster ride that's been Midland's property tax story over the past few years. He should. He's been in the front car. "I agree (with the forecast) that there will be a downward trend in property ...

Number of properties, quality of homes on auction block jump - Chicago Tribune
The sterile lobby of the DuPage County Jail seemed an unlikely setting to decide the future of the attractive four-bedroom home on Bloomingdale's Jefferson Lane. But that's where the paperwork on the house was on a Tuesday morning last month, sitting ...

The Note - ABC News Blogs
You don't need a light-bulb moment for this one: Now that the national-security team is in place, it's all about the economy again for President-elect Barack Obama. And, oh yeah -- he's pretty much the president now, by the way. Partly it's the ...

Early '08 worries now seem quaint - Daily Herald
Was it Oct. 14, when the federal government spent the first dollar of taxpayer money to buy into private banks, effectively changing the principles of the U.S. economy? Was it Sept. 21, when Treasury secretary Henry Paulson gave Congress a three-page ...

Democrats' Factions Could Stall Grand Plans - Wall Street Journal
WASHINGTON -- The new Congress sweeps into town Tuesday with many members comparing themselves to the 1933 Congress that enacted much of President Franklin Roosevelt's New Deal and changed the government's relationship to its citizenry. Reuters Sen ...

Walker won't rule out taking U.S. stimulus aid - Milwaukee Journal Sentinel
Jan. 9, 2009 10:03 p.m. | Milwaukee County Executive Scott Walker is opening the door a bit wider to acceptance of federal stimulus aid, after he was criticized for saying he would refuse to seek such funds. Walker said he still preferred tax cuts to ...