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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

Ohio mortgage rates news:

Sector Snap: Mortgage insurers mostly rise - Boston Globe
NEW YORK— Shares of mortgage insurers mostly rose Thursday, as the Treasury Department weighs new plans to revive the sagging housing market, including potentially lowering mortgage rates. Under one plan, the Treasury would seek to lower the rate ...

Mortgage crisis warning signs ignored - Akron Beacon Journal
WASHINGTON: The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient ...

Federal Reserve chief says lower interest rates are 'feasible' - Akron Beacon Journal
WASHINGTON: Federal Reserve Chairman Ben Bernanke said today that further interest-rate cuts are ''certainly feasible,'' but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year. The Fed's ...

Low rates breathe life into mortgage market - Columbus Dispatch
A recent half-percentage-point drop in 30-year home loans is jolting a mortgage market that has been weighed down by a nose-diving economy and troubled credit markets. Mortgage applications were up 112 percent during the week that ended Nov. 28 ...

Oil tumbles below US$44 a barrel, gas prices in U.S. hits new low - Edmonton Sun
COLUMBUS, Ohio - Oil tumbled below US$44 a barrel Thursday and average gasoline prices in the United States slipped under $1.80 a gallon, both four year lows, as unemployment benefit claims hit a 26-year high and major companies announced more job ...

Mortgage rates dip, but cash is still king - Herald Tribune
The drop in mortgage rates during the past week is bringing out fresh buyers to a tired real estate market, but only a few of them are scoring. Rates hovering at 5.38 percent are drawing some fence-sitters with good credit who figure rates are not ...

Mortgage market shows glimmer of hope - Biz Times
U.S. mortgage applications filed last week rose a seasonally adjusted 112.1 percent from the week before, as borrowers rushed to lock in lower rates, according to the Mortgage Bankers Association's weekly survey, which was released today. The surge ...

Ohio wins court settlement against mortgage lender - Zanesville Times Recorder
COLUMBUS (AP) - A bankrupt subprime lender accused of shoddy practices has been barred from accepting mortgage applications in Ohio, state Attorney General Nancy Rogers announced Wednesday. The agreement with New Century Financial Corp. of Irvine ...

Study: Dallas area at 'moderate' risk for widespread mortgage defaults - QuickDFW.com
The latest mortgage market measure gives the Dallas area a “moderate” risk of widespread mortgage defaults. San Francisco-based researcher First American CoreLogic rated the Dallas area 174 out of the 376 metropolitan areas it includes in its ...

Forecast raises Dallas risk of mortgage defaults to moderate - Dallas Morning News
The latest mortgage market measurement gives the Dallas area a moderate risk of widespread mortgage defaults. San Francisco-based researcher First American CoreLogic rated the Dallas area 174th out of the 376 metropolitan areas it includes in its ...