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Mortgage Glossary P

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Term Definition
Partial claim An option offered by the FHA that allows a delinquent borrower to get an interest free loan from the HUD in order to bring their payments up-to-date
Payment due date The day of the month payments are due. Payments must be received on or before this date in order to avoid late fees.
Partial payment A payment that is less than the usual stated monthly due amount on a loan
Perils In homeowner's insurance, anything that may pose a threat of damage to the property, such as bad weather
Periodic cap The maximum rate increase for a specific period for a specific loan (ARM) only.
Personal property Any object that is not permanently attached to real property, such as furniture. An installed fixture, however, would be considered real property because it is attached to the property.
PITI Principal, interest, taxes and insurance--the components of a monthly mortgage payment.
PITI reserves The cash amount a borrower must still have available after paying the down payment and all closing costs
Planned Unit Developments (PUD) A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels.
Plat A map that shows all boundaries of a piece of property.
PMI Private Mortgage Insurance
Points Charges levied by the mortgage lender and usually payable at closing. One point represents 1% of the face value of the mortgage loan.
Power of Attorney A document appointing a person you have authorized to act on your behalf
Pre-approval A process whereby a potential home buyer secures a guaranteed mortgage approval before making an offer on a house. A lending institution guarantees in writing to grant a loan for a specified amount. Not to be confused with pre-qualification.
Predatory lending Lending practices that are abusive to borrowers, such as lending to someone who cannot repay the loan.
Predictive variables Variables in the credit scoring formula used to predict an individual's future credit performance
Pre-foreclosure sale A circumstance in which a borrower may sell the property for less than what he/she owes on it
Prepaids Those 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 Payment of the full balance of the loan before the scheduled due date
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.
Pre-qualification Some lenders "pre-qualify" mortgage applicants in less than an hour by performing cursory checks. Seldom can a lender fully check an applicant's credit, asset and debt status this quickly, so final approval typically takes at least a few more days. Though such preliminary pre-qualifications may soon lead to a full pre-approval, there is no guarantee until the applicant receives a letter, certificate or wallet-size card bearing the mortgage-holder's name and maximum loan amount.
Prime rate The best interest rate that banks charge - usually to "preferred customers." Changes in this rate are publicized. Prime rate is often used as the basis for ARMs.
Principal Amount of debt, not including interest. The face value of a note or mortgage.
Private mortgage insurance (PMI) Insurance provided by nongovernment 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%.
Promissory note A document stating a promise to repay a specific amount over a specific period of time
Property Land within the legal boundaries, including all permanently attached fixtures
Property tax A local government charge (calculated by a local formula based on a percentage of the property value) to property owners, used to fund public services such as schools, police, or transportation
Property tax deduction The IRS allows homeowners to deduct the annual amount paid in property taxes from their annual income
Purchase offer The intial form of what may become a sales contract; a purchase offer is a written document that makes an offer to purchase a property and may be amended multiple times by both paries before an agreement is reached

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