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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
Todd mortgage rates news:
Financial News
Let's Chat Today - Washington Post
Join me today at noon for a live online discussion about mortgages. The current housing market has sidelined many would-be buyers, who are worried they'll buy before the market hits bottom. Meanwhile, mortgages rates are rising and qualifying for a ...

Bank of China Has Slowest Profit Growth Among Peers (Update2) - Bloomberg
Aug. 28 (Bloomberg) -- Bank of China Ltd. posted the slowest profit growth among the nation's biggest lenders in the first half, weighed down by $405 million in second-quarter losses on U.S. subprime mortgage investments. Net income at China's third ...

Wall Street little changed after economic data - Miami Herald
NEW YORK Wall Street was little changed in thin volume Tuesday after a report indicated that consumers are more confident than analysts expected and oil prices rose on concerns about the path of Hurricane Gustav. Investors turned a bit more ...

Hurricane winds put markets on erratic course - Kansas City Star
Wall Street ended mixed Tuesday as concerns about the path of Hurricane Gustav sent oil prices higher and offset a better-than-expected reading on consumer confidence. Comments from the Federal Reserve about rising inflation added to the market’s ...

Stocks mixed on oil, consumer data - Seattle Times
NEW YORK — Wall Street ended mixed Tuesday as concerns about the path of Hurricane Gustav sent oil prices higher and offset a better-than-expected reading on consumer confidence. Comments from the Federal Reserve about rising inflation added to the ...

Wall Street mostly higher after economic data - Chicago Sun-Times
NEW YORK -- Wall Street was mostly higher in thin volume Tuesday after reports indicated the housing market might be stabilizing and that consumers are more confident than analysts expected. Investors turned a bit more confident after the data gave a ...

Plus: Obama's failed fight-back - Slate
Effective day for Dems. 1) Bill Clinton outlined a simple, substantive framework for the election. As James Taranto noted, he built a stronger case for Obama than Hillary did--an inversion of how the two Clintons are said to actually feel about the ...

Stocks end mixed on higher oil price, consumer data - Los Angeles Times
Most stocks ended higher Tuesday as a better-than-expected reading on consumer confidence helped offset concerns about Hurricane Gustav, which sent oil prices higher. The Conference Board said its consumer confidence index rose for a second ...

Stocks mixed as rising oil curbs investors' enthusiasm - USA Today
NEW YORK — Stocks were little changed Tuesday as higher oil prices overshadowed a report that consumers were more confident than analysts expected. Oil spiked almost $2 before falling back on concerns that Hurricane Gustav might hit installations ...

Stuck together - Guardian Unlimited
Separated but living together (SBLT) may not have the same ring to it as GSoH, but anyone scouring the lonely hearts columns may as well get used to the fact that in these lean times, increasing numbers of divorcing couples are having to stay under ...

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