PACKAGE MORTGAGE
A mortgage including equipment and appliances located on the premises in addition to the property itself. |
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PARCEL
A separately assessed for tax purposes lot or piece of real property. |
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PITI
An acronym for principal, interest, taxes and insurance. |
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PLAT
A map or chart of a lot, subdivision or community drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements. |
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POINT
A one-time charge by the lender for originating a loan. A point is 1 percent of the amount of the mortgage. |
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PORTFOLIO LOAN
Loans held as an investment by a bank, savings and loan or a credit union. |
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POWER OF ATTORNEY
A document in which the signer authorizes someone to conduct business in his or her name. |
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PRE-APPROVAL
The process of determining how much money you will be eligible to borrow before you apply for a loan. |
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PREPAIDS
The amounts that are put into an escrow account at closing, usually including real estate taxes and insurance. |
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PREPAYMENT PENALTY
A charge imposed by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan in advance of schedule. |
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PREPAYMENT PRIVILEGE
The right given to a purchaser to pay all or part of a debt prior to its maturity. |
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PRIMARY RESIDENCE
Considered the permanent location of residency. |
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PRIME RATE
Interest charged by financial institutions to top-rate borrowers. |
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PRINCIPAL
The amount of debt, not counting interest, left on a loan. |
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PRIVATE MORTGAGE INSURANCE (PMI)
Mortgage insurance provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. |
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PRORATE
To divide in proportionate shares. |
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PUBLIC RECORD
Legal documents that are filed with the local government so that the public will know what liens, encumbrances or judgments may affect any piece of real estate. |
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