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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
Butte mortgage loan news:
Financial News
Man had close call with former mortgage banker, still on the run - Chico Enterprise-Record
CHICO — Garrett Gililland's former e-mail address — scarycash@gmail.com — should probably have been a red flag for clients. But the 27-year-old Chico man was wheeling and dealing in the mortgage market of 2006, when issues such as credit and ...

PremierWest Bancorp Announces Third Quarter Earnings of $1.3 Million - StreetInsider.com
* The bank remained "Well Capitalized" with a risk-based capital ratio of approximately 11.36 percent. * Net interest margin, on a tax equivalent basis, was 4.67 percent, decreasing 21 basis points as compared to last quarter due to interest ...

Behind Nevada’s bailout votes - Las Vegas Sun
Washington — The intensity of populist outrage over bailing out Wall Street at the expense of Main Street created an unusually odd alliance among Nevada’s lawmakers. Democratic Rep. Shelley Berkley and Republican Rep. Dean Heller, both facing ...

Many Columbia Gorge homes unsold as developers misread market - Columbian
Developer Mary Laufman stands on the one lot that has sold so far in the 41-lot Hidden Ridge subdivision in Stevenson. (Photos by STEVEN LANE/The Columbian) Only four houses of 27 have sold in North Bonneville’s Hamilton Island subdivision, and at ...

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