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

Union mortgage quotes news:

WRAPUP 1-GM, Chrysler in merger talks-source - Forbes
DETROIT/NEW YORK, Oct 11 (Reuters) - General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according ...

EU urges immediate easing of fair-value rule - Forbes
BRUSSELS, Oct 8 (Reuters) - Market watchdogs in the European Union should allow banks to skirt fair-value accounting rules immediately to ease the pain of the financial crisis, the bloc's top financial regulator said on Wednesday. Fair value or mark ...

Q&A, NOW - Washington Post
Need advice about how to handle your personal finances? Whether the struggle is saving for retirement, organizing your bank files, or talking about money responsibility with your spouse or loved one, Post personal finance columnist Michelle ...

Libor Holds Central Banks Hostage as Credit Freezes (Update1) - Bloomberg
Oct. 9 (Bloomberg) -- Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain ...

To: news@ctv.ca - Globe and Mail
Your behaviour surrounding the interview with Mr. Dion has been disgraceful. Your interviewer asked a total botch of a question, and when asked to clear it up merely repeated it. Your guest showed enough respect to try to find out what the ...

Market crash - what it means for you - News.com.au
Stock markets falling on recession fears ASX has lost nearly $100 billion this week alone Share market: 3981 reasons why it's serious The global financial crisis has entered a new stage, as the bailout packages and buyouts by the US and European ...

How financial crisis is hitting state's homeowners, businesses - Detroit Free Press
Beaumont Hospital may have to pay more money to build new emergency and operating rooms at its Royal Oak campus. JADDA Capital Management of Mt. Clemens is seeing more customers looking for short-term loans because they can't get financing from banks ...

Will Brown bear the brunt for banks? - Times Online
Nationalisation of the British banking industry has become a serious possibility in the past week, with consequences that could run far deeper than anyone expects. This column and others have been saying for months that Northern Rock is the safest ...

Undernews: Rezko Alert - Slate
Today's video: Huckabee sucks up to the teachers' union . ... 11:54 P.M. The GOP's fake immigration tough guys: Mark Krikorian cracks Giuliani's code on immigration . It seems Giuliani wants to stop illegal immigrants at the border but resists ...

Campaign getting personal - Boston Globe
Get ready to hear a lot about Bill Ayers and Charles Keating this week, likely including Tuesday night's second presidential debate. Republican John McCain is trying to move the campaign off the economy -- an issue on which Democratic rival Barack ...