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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
Sheridan mortgage quotes news:
Financial News
Dem. Party Chairman Killed - Log Cabin Democrat
Bill Gwatney, chairman of the Arkansas Democratic Party, was fatally shot this morning at party headquarters in downtown Little Rock. Gwatney died of his injuries in a Little Rock hospital this afternoon. The shooter was pursued by police from ...

The £3.5m fraud, the £250,000 flat... and the deputy presiding ... - Sunday Herald
A SENIOR Labour MSP helped her crooked son cash in on a lucrative Holyrood flat he bought months after defrauding his employers of £3.7million. Deputy presiding officer Trish Godman purchased her son Gary Mulgrew's Edinburgh apartment for £250,000 ...

Labour MPs in open revolt over tax - Herald
GERRY SUTCLIFFE: Sided with industry, then changed tack. Gordon Brown was last night facing an "open tax revolt" from his own MPs after the minister responsible for pub licensing attacked the rise in alcohol duty and dozens of Labour back benchers ...

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