Mortgage Dictionary for words that start with letter P
Package Mortgage - Mortgage covering both real and personal property.
Paper - A mortgage, deed of trust or land contract which is given instead of cash.
Parole Evidence - The legal rule which prevents previous oral or written negotiations to a signed contract from changing the contract.
Partial Release - A release of a portion of property covered by a mortgage.
Permanent Mortgage - A mortgage on completed construction on the same property under one mortgage or trust deed.
Perorations - The allocation of expenses, such as taxes between buyer and seller at closing based on the number of days the property is owned during the month of closing.
Personality - Property which is movable. All property is either personality, realty or mixed.
Physical Depreciation - A term that is frequently used when physical deterioration is intended. In a broad concept it may relate to those elements contributing to depreciation that are existent or inherent in the physical property itself, as distinguished from other and external circumstances that may influence its utilization. Not a clear or proper them without qualification and explanation.
PITI - Abbreviation for principal, interest, taxes and insurance, often combined in a single monthly mortgage payment.
PITI - Principal, interest, taxes and insurance--the components of a monthly mortgage payment.
Planned Unit Development (PUD) - A housing development where there is a homeowners association and common areas owned by the homeowners.
Plat - A map or chart of a lot, subdivision or community, showing boundary lines, buildings and easements.
PMI - Abbreviation for private mortgage insurance: insurance issued by a company, which insures the lender against loss in the event that the borrower defaults on the mortgage.
points - Charges levied by the mortgage lender and usually payable at closing. One point represents 1% of the face value of the mortgage loan.
Points - Origination fees charged by the originating lender or broker and/or discount fees charge by lenders to increase the overall yield. A point is equal to one percent of the principal amount of your mortgage.
Portfolio Loan - Loans held as an investment by a bank, savings and loan or credit union.
Power of Attorney - A written instrument authorizing a person to act as the agent of the person granting it, and a general power authorizing the agent to act generally in behalf of the principle. A special power limits the agent to a particular or specific act as: a landowner may grant an agent special power of attorney to convey a single and specific parcel of property. Under the provisions of a general power of attorney, the agent having the power may convey any or all property of the principal granting the gener
Prepaid Interest - Prepaid interest is the interest charged to borrowers at loan closing to pay for the cost of borrowing for a partial month. For example, if a loan closes on the 15th of the month and the first payment is due 45 days later, the lender will charge 15 days of prepaid interest.
Prepaid Items of Expense - Perorations of prepaid items of expense which are credited to the seller in the closing statement.
prepaids - Expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.
Prepayment - Full payment of the principal before the due date; occurs when a property is sold or the borrower refinances the existing loan.
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 the scheduled terms.
Prepayment Penalty - Charge levied by the lender for paying off a mortgage loan before its maturity date.
Primary Mortgage Market - The process of obtaining a real estate loan, including the consumer's completion of a loan application form, validation of the credit and property information, loan underwriting by the lender and closing of the mortgage loan.
Primary Residence - Considered the permanent location of residency.
Principal - 1) The outstanding balance of a loan. 2) A party to a real estate transaction. 3) The head of a real estate firm.
principal - Amount of debt, not including interest. The face value of a note or mortgage.
private mortgage insurance (PMI) - Insurance provided by non government insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.
Private Mortgage Insurance (PMI) - Insurance which covers the portion of a mortgage loan above 80% thereby reducing the lenders risk to principal loss in the event of a borrowers default. The insurance coverage allows lenders to make higher loan-to-value ratios (95% LTV).
Processing, Underwriting and Document Fees - Charges for the lender's services associated with making the loan.
Property - The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is generally classified into two groups, personal property and real property.
Property Tax - A tax levied by the local municipality or county on real and personal property.
Prorate - To divide in proportionate shares, such as taxes, insurance, rent, or other items.
Purchase Money Mortgage - A mortgage used to finance the purchase of real property.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.