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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 |
Allegany mortgage rates news:
Part-time jobs add to growth for region - Buffalo NewsAt Ford Motor Co.’s Buffalo Stamping Plant in Hamburg, Ron Wisniewski moves a completed body panel for the Ford Flex. A surge in hiring at local restaurants and schools helped the Buffalo Niagara region add jobs at a 0.4 percent pace over the last ...
McCain, Obama scramble to shift economic message - Buffalo NewsRepublican presidential candidate, Sen. John McCain, R-Ariz., stands as vice presidential candidate, Alaska Gov. Sarah Palin, addresses supporters during a town hall meeting in Grand Rapids, Mich., Wednesday, Sept. 17, 2008. With economic anxiety ...
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