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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
Grimes mortgage rates news:
Financial News
Curnock disputes Edwards’ radio ad - Cleburne Times-Review
Republican candidate Rob Curnock wants to raise taxes by 30 percent — according, that is, to a radio ad run by U.S. Rep. Chet Edwards’, D-Waco, campaign. Curnock calls the ad a blatant distortion of the facts. Curnock, a Waco businessman, is ...

Region is 'economic microcosm of the nation' - Saline Reporter
Walter Michal has been in the recreational vehicle business for 35 years and says he's never seen anything like the economic downturn of the past several years. He has owned Walt Michal's RV Superstore in Belleville for the past 11 years and recently ...

Mid-America Apartment Communities Q3 2008 Earnings Call Transcript - Seekingalpha.com
Good morning, ladies and gentlemen, and thank you for participating in the Mid-America Property Communities third quarter earnings release conference call. The company will first share its prepared comments followed by a question and answer session ...

Prosperity Bancshares, Inc.(R) Reports Third Quarter Earnings - PR Newswire
HOUSTON, Oct. 17 /PRNewswire-FirstCall/ -- Prosperity Bancshares, Inc.(R) (NASDAQ: PRSP) , the parent company of Prosperity Bank(R), reported earnings for the quarter ended September 30, 2008. Net income for the quarter was $15.447 million or $0.33 ...

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