P Mortgage Terms | Watkinsville Real Estate
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Partial Payment
A payment that is not sufficient to cover the scheduled
monthly payment on a mortgage loan.
PITI
Principal, interest, taxes and insurance, which comprise
your monthly mortgage payment.
Personal Property
Items that do not go with the real estate. See details
under Real Property.
Planned Unit Development (PUD)
A project or subdivision that has a homeowners' association
and includes common property for the benefit and use
of the individual PUD unit owners.
Points
One Point equals one percent of the loan amount. If
a particular mortgage required you to pay 2 Points,
and you were getting a $100,000 mortgage, you would
have to pay $2,000 at the Closing.
Power of Attorney
A legal document that authorizes another person to act
on one's behalf. A power of attorney can grant complete
authority or can be limited to certain acts and/or certain
periods of time.
Preforeclosure Sale
A procedure in which the investor allows a mortgagor
to avoid foreclosure by selling the property for less
than the amount that is owed to the investor.
Pre-Qualification
The process of determining how much money a prospective
homebuyer will be eligible to borrow before he or she
applies for a loan.
Previous
Home Ownership
Using the Federal definition, a previous home owner
is a person who owned their personal residence during
the past three years.
Principal
The mortgage amount on which Interest is calculated.
Principal Balance
The outstanding balance of principal on a mortgage.
The principal balance does not include interest or any
other charges.
Prepayment Penalty
A fee paid to the lending institution for paying a loan
prior to the scheduled maturity date. Prepayment penalties
are not allowed for Utah Housing loans.
Private Mortgage Insurance
Insurance which covers some of the bank's losses in
the event of a default (Foreclosure). The lender may
require you to pay this insurance if the mortgage is
larger than 80% of the value of the home (Loan-to-Value
Ratio).
Property Taxes
Taxes (based on the assessed value of the home) paid
by the homeowner for community services such as schools,
public works, and other costs of local government. Normally,
these are paid as a part of the monthly mortgage payment.
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