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

Stark mortgage loan news:

UK government plans housing market rescue - FOX News
LONDON — The British government unveiled a package of tax cuts and increased spending targeted at first-time home buyers on Tuesday in a bid to reverse the country's worst housing slump in almost two decades. However, industry leaders and analysts ...

Norfolk to start cleaning up site of stalled Granby Tower - HamptonRoads.com
Nearly a year after work halted on Granby Tower, the city is finally moving to clean up the construction site, which some officials describe as an eyesore. Surrounded by chain-link fence, the corner of Granby Street and Brambleton Avenue is stark ...

Stamp duty cut is 'too little too late' - This is Money
Gordon Brown's giveaway to homebuyers did little to brighten his prospects last night amid mounting evidence that Britain has plunged into recession. The Treasury announced a one-year stamp duty holiday on houses worth up to £175,000. It will save ...

Gallup Poll update: Barack Obama and John McCain essentially dead even - Los Angeles Times Blogs
We've paid a lot of attention to Gallup polls this week , in the wake of seemingly contradictory results by the most-famed brand name in gauging public opinion. By one Gallup measure, John McCain was up; Barack Obama had a solid lead in a different ...

Bank of England has got it wrong on interest rates again - Daily Telegraph Blogs
As the clock ticks down towards midday on an interest rate decision day, there's usually some part of your mind which asks: might they shock us? Well, not today. There was little doubt the Bank of England was always going to do as it has done now for ...

McCain Says Palin a Better Leader than Obama - ABC News Blogs
On Fox News Sunday this morning (watch HERE ) Sen. John McCain, R-Ariz., said that his new running mate, Alaska Gov. Sarah Palin, has been a better leader than his opponent, Sen. Barack Obama, D-Illinois. "What this brings is a spirit of reform and ...

Watchlist Sponsored By : - CNBC
The US economy grew more than expected in the April-June quarter, but will that growth continue? Clive Hyman, CEO of Hym... Let Fannie, Freddie Fail: J... Fannie Mae and Freddie Mac should not be saved if they go bankrupt, and economic stimulus ...

Taking The Credit Crunch Private - Forbes
One look at the Goldman Sachs ' numbers Wednesday should tell you the credit crunch is far from over. Despite the Federal Reserve's dramatic efforts to shake loose the financial system, banks still can't come up with accurate prices for hundreds of ...

Original Watch URL: - Milwaukee Journal Sentinel
Joy Global (JOYG) , benefitting from a record $1.5 billion in new orders, reported a 21.8% jump in operating profit for the fiscal third quarter ending Aug. 1. As a result, the company said 2008 profit will be higher than it previously projected ...

Billionaires Up, America Down - Common Dreams
When it comes to producing billionaires, America is doing great. Until 2005, multimillionaires could still make the Forbes list of the 400 richest Americans. In 2006, the Forbes 400 went billionaires only. This year, you'd need a Forbes 482 to fit ...