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News about Mortgages:
NEW: Recent foreclosures filed in Madison County - Alton TelegraphNEW: Recent foreclosures filed in Madison CountyAlton Telegraph, IL - Dec 18, 200808CH1340: Larry Leflore Sr., Marsha A. Leflore and others, 7517 Saturn Court, Godfrey. 08CH1341: George Wallace Jr., City of Granite City and others, ...
Business briefs - Jackson Clarion LedgerBusiness briefsJackson Clarion Ledger, MS - Dec 15, 2008Friction Holdings, formerly Raybestos, and Hamlin Sheet Metal Co. have announced the shutting down of their plants in the Greenwood-Leflore Industrial Park ...

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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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