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News about Mortgages:
Davis hopes to bring a new brand of mortgage firm - Nashville Business JournalDavis hopes to bring a new brand of mortgage firmNashville Business JournalWhile Brand Banking is more than a century old, its chief executive officer, Bartow Morgan, a descendant of the founder, is only 35. ...and more »
Real Estate: Space available - OcalaReal Estate: Space availableOcalaBartow McDonald, managing director of Sperry Van Ness in Ocala, said there will be more defaults and delinquencies in the coming months. ...and more »

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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.
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