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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

Franklin mortgage rates news:

When do we know if a recession is at hand? - Globe and Mail
The classic definition is that a recession is underway when the economy shrinks for two consecutive quarters. But that is considered very rough and imprecise by most economists. By that measure we wouldn't know if Canada or the United States is in ...

History of mortgage/Wall Street meltdown - MichNews.com
1977: Pres. Jimmy Carter signs the Community Reinvestment Act into Law. The law pressured financial institutions to extend home loans to those who would otherwise not qualify. The Premise: Home ownership would improve poor and crime-ridden ...

Back in business - Financial Times
Soaring ambition: one of two statues by Oskar Hansen on the Nevada side of the Hoover Dam, a vast hydroelectric project completed in 1935 under the New Deal Even before the worst financial crisis since the 1930s bore down on the US this summer, the ...

States warned about impending mortgage crisis - MSNBC
More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic ...

They Warned Us About the Mortgage Crisis - BusinessWeek
by Robert Berner and Brian Grow More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of ...

Q&A Transcript - Washington Post
About Pearlstein: Steven Pearlstein writes about business and the economy for The Washington Post. His journalism career includes editing roles at The Post and Inc. magazine. He was founding publisher and editor of The Boston Observer, a monthly ...

An up and down day for money market funds - San Francisco Gate
Thursday, October 9, 2008 Dow plunges more than 660 to fall below 9,000 10.09.08 World's banks join up to slash interest rates 10.08.08 McCain campaign outlines mortgage-rescue plan 10.08.08 Pender: Up and down day for money market funds 10.09.08 ...

Here's A Stunt for McCain - Slate
Does MSNBC (Olbermann et. al) really want Obama to win? Won't their ratings be higher in 2009 if they represent the angry opposition--as opposed to the disillusioned party in power? Just a thought. ... P.S.: This factor might cause them not to worry ...

Why Britain's PM wants to overhaul the system - Globe and Mail
As the world's foremost banking centre, Britain has more than most at stake in repairing a system that has so rapidly disintegrated. "We regard ourselves as leaders in global finance and I think government has really sought to protect that, to ...

Administration, Bankers Squelched Early Warnings About Mortgage Crisis - NebraskaTV
More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic ...