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

Grant mortgage rates news:

Further cuts likely as rate falls to 2.5% - Irish Examiner
HOMEOWNERS can expect to make further savings next year with more interest rate cuts likely, following yesterday’s historic move by the European Central Bank (ECB). The bank lowered its key interest rate by the most on record yesterday — by three ...

City could receive $796,000 in grant for neighborhood aid - Princeton Union Eagle
The city of Princeton could receive up to $796,000 as part of a federal grant of nearly $58 million coming into the state through the Neighborhood Stabilization Program. Princeton is listed along with Big Lake, Buffalo, St. Michael, Elk River, Otsego ...

More land 'needed' despite rates, grants - ninemsn
The home building sector will not gain the full benefit of falling interest rates and a tripling of grants for first home buyers unless more land is released, a new report says. Land values have soared in recent years in the face of restrictive land ...

Mortgage holders cheer RBA rate cut - West Online
Mortgage holders and home buyers have welcomed the Reserve Bank of Australia's (RBA) latest rate cut, and more good news may be in store for the new year. The RBA has cut official interest rates by 100 basis points to 4.25 per cent, the lowest level ...

Homeowners granted mortgage holiday - Financial Times
Gordon Brown is to grant homeowners in financial difficulty the right to demand a two-year mortgage holiday, guaranteed by taxpayers, in a dramatic bid to underpin the housing market. The move will put about £1bn of taxpayers’ money at risk in an ...

Rates on track for 44-year low - The Age
THE Reserve Bank board is expected to cut interest rates by 1 percentage point today and to follow up with a series of aggressive cuts that will take home mortgage rates to their lowest level since Robert Menzies was prime minister. - 1 percentage ...

Risking the Country's Credit for Homeowners - Seekingalpha.com
I would like your opinion on an alternative to stimulate housing instead of the government meddling with rates to 4.5% and buying up loans from GSEs. It's such a bad idea and they are digging this country into a debt ridden hole. Why not tweak the ...

Residential land shortage holding back the industry - News.com.au
A new study shows land values have soared in recent years in the face of restrictive land-release polices and burgeoning planning delays - jumping 106 per cent in the past six years. Land prices are still highest in Sydney and Perth - where the ...

More land still needed - report - News.com.au
THE home building sector will not gain the full benefit of falling interest rates and a tripling of grants for first home buyers unless more land is released, a new report says. Land values have soared in recent years in the face of restrictive land ...

Ben Bernanke At the Federal Reserve System Conference on Housing and ... - StreetInsider.com
December 4, 2008 11:18 AM EST Housing, Mortgage Markets, and Foreclosures The U.S. financial system has been in turmoil during the past 16 months. Credit conditions have tightened and asset values have declined, contributing substantially, in turn ...