Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - P Terms
Partial Claim: a loss
mitigation option offered by the FHA that allows a borrower, with
help from a lender, to get an interest-free loan from HUD to bring
their mortgage payments up to date.
PITI: Principal, Interest,
Taxes, and Insurance - the four elements of a monthly mortgage payment;
payments of principal and interest go directly towards repaying
the loan while the portion that covers taxes and insurance (homeowner's
and mortgage, if applicable) goes into an escrow account to cover
the fees when they are due.
PMI: Private Mortgage Insurance;
privately-owned companies that offer standard and special affordable
mortgage insurance programs for qualified borrowers with down payments
of less than 20% of a purchase price.
Pre-approve: lender commits
to lend to a potential borrower; commitment remains as long as the
borrower still meets the qualification requirements at the time
of purchase.
Pre-foreclosure sale: allows
a defaulting borrower to sell the mortgaged property to satisfy
the loan and avoid foreclosure.
Pre-qualify: a lender
informally determines the maximum amount an individual is eligible
to borrow.
Premium: an amount paid
on a regular schedule by a policyholder that maintains insurance
coverage.
Prepayment: payment of
the mortgage loan before the scheduled due date; may be Subject
to a prepayment penalty.
Principal: the amount
borrowed from a lender; doesn't include interest or additional fees.
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