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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

Preston mortgage rates news:

Coming Up - Times Union
Earnings expected: Lowe's Cos., Target Corp. Government reports: Federal Reserve releases industrial production for October. Other: Federal Reserve Bank of Kansas City President Tom Hoenig speaks at the Institute of International Banker's conference ...

Real estate recovery not seen until 2011 - HispanicBusiness.com
Don't expect the nationwide real estate outlook to improve any time soon. That was the main message of the Seattle Urban Land Institute's Emerging Trends in Real Estate breakfast Thursday. "Forget the quick fix: 2009 will be a downer; we don't think ...

Just the Facts... - Safe Haven
For the week, the S&P500 dropped 8.3% (down 45.5% y-t-d), and the Dow fell 5.3% (down 39.3%). The Morgan Stanley Cyclical index was pounded for 11.9% (down 59.8%) and the Transports for 10.6% (down 31.7%). The Morgan Stanley Consumer index dropped 4 ...

Mortgage disclosure rule beefed up - Boston Globe
NEW YORK - Lenders and mortgage brokers will be required to provide home buyers clearer information about loan terms and closing costs under guidelines issued yesterday by the Department of Housing and Urban Development. Banks will have to provide ...

U.S. might widen foreclosure help program - MSNBC
WASHINGTON - The government may let more borrowers qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones, a top Bush administration official said Wednesday. The program, included in a housing ...

Schwarzenegger proposes mortgage aid - San Diego Union-Tribune
In an effort to slow the pace of home foreclosures and stabilize California's shaky economy, Gov. Arnold Schwarzenegger yesterday unveiled a proposal to help borrowers modify troubled mortgages while making lenders more accountable. The centerpiece ...

HUD Issues New Consumer Protection Rules on Mortgages (Update2) - Bloomberg
Nov. 12 (Bloomberg) -- Lenders and mortgage brokers will be required to provide U.S. homebuyers clearer information about loan terms and closing costs under guidelines issued today by the U.S. Department of Housing and Urban Development. Banks will ...

Changes to mortgage plan sought - Minneapolis Star Tribune
WASHINGTON - The government may let more borrowers qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones, a top Bush administration official said Wednesday. The program, included in a housing ...

HUD issues rules to clarify loan terms for home buyers - Los Angeles Times
Lenders and mortgage brokers will be required to provide U.S. home buyers clearer information about loan terms and closing costs under rules issued Wednesday by the U.S. Department of Housing and Urban Development. Banks will have to provide ...

HUD says lenders working to aid homeowners - San Francisco Gate
Tuesday, October 21, 2008 Preston took the reins at HUD in June after previous secretary Alphonso Jackson stepped down in April amid allegations of cronyism. He previously was administrator of the Small Business Administration. HUD oversees the ...