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

Washington home equity loans news:

Stocks slump after dismal jobs data - MSNBC
NEW YORK - Wall Street slid Friday after news of a rapidly weakening job market had investors fretting the U.S. was in for a long, deep and increasingly painful recession. The Labor Department's report that employers slashed 533,000 jobs in November ...

Stocks decline after dismal jobs report - WTOP Radio
NEW YORK (AP) - News of a rapidly weakening job sent stocks sliding Friday as investors feared that the recession will be deeper and more prolonged than many have expected. The major indexes were all down more than 1 percent and the Dow Jones ...

GM Chief Says He’d Accept Strict Bailout Conditions (Update1) - Bloomberg
Dec. 5 (Bloomberg) -- General Motors Corp. Chief Executive Rick Wagoner told lawmakers he would accept strict conditions for a U.S. loan to stay afloat, including a promise to return the money and file for bankruptcy if his company doesn’t fulfill ...

Automakers' debt may be obstacle to federal loans - Associated Press
DETROIT (AP) -- They'll park some corporate jets, cut executive pay and serve up concessions from the United Auto Workers, but Ford Motor Co., General Motors Corp. and perhaps Chrysler LLC also will have to address massive debts to persuade a ...

Ford says CEO will work for $1 to get loans - Associated Press
WASHINGTON (AP) -- Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it. Unless one of Detroit's other Big Three auto companies goes bust, Ford expects to have ...

Main Street needs help - Traverse City Record-Eagle
America's overall economy is dismal, but Michigan has suffered even longer. I am a small-business owner. My husband is an Operation Iraqi Freedom veteran. Like many entrepreneurs, we used all our savings and home equity to start our business. The ...

Local Auto Dealers Watching Bailout Plea - WKYT 27
WASHINGTON (AP) - Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive ...

JPMorgan axes 9200 Washington Mutual jobs - The Age
JPMorgan Chase & Co said it will cut about 9200 jobs at the former Washington Mutual, which on Sept 25 became the largest US bank to fail. The cuts amount to more than 21% of the workforce at Washington Mutual, which ended June with 43,198 employees ...

JPMorgan to cut 9,200 Washington Mutual jobs - International Herald Tribune
JPMorgan on Monday said it will eliminate about 9,200 jobs at the former Washington Mutual , which on Sept 25 became the largest U.S. bank to fail. The cuts amount to more than 21 percent of the workforce at Washington Mutual, which ended June with ...

Auto Executives Face a Hard Sell on Capitol Hill - Gainesville Sun
WASHINGTON — The chief executives of America’s foundering automobile manufacturers returned to Capitol Hill on Thursday and found themselves confronting years of pent-up anger, the harsh politics of a recession and the realization that even their ...