PITI
Common real estate acronym meaning: Principal,
Interest, Taxes, Insurance. |
Point
A single percent of the loan principal, often charged
by the lender in addition to various fees and interest. |
Prepayment
Borrower pays off an entire
mortgage before the
scheduled date. |
Prepayment Penalty
A fee included in the mortgage agreement
requiring borrower to pay in the event the loan is paid
before the due date. |
Prequalification
An informal estimate of the "financing potential" of a
prospective borrower. |
Principal
The amount of money borrowed against which
interest
and possibly feed will be charged. (A second meaning: one
of the parties to a contract.) |
Prorate
Proportionate division of expense based on days or
time occupied or used by the seller and/or buyer. |
Private Mortgage Insurance
Also called PMI. Lenders try to cover the
cost of a foreclosure and require to cover the estimated
cost of 20% of the homes value. |
Purchase Agreement
See definition of Contract |
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