P&I
payment Principal and interest payment.
Par The
principal amount of a mortgage with no premium or discount.
Par rate
The base rate a customer qualifies for based on the loan grade.
PITI Principal,
interest, tax and insurance. The payment on a mortgage
when there is an escrow account.
Planned
unit development (PUD) Five or more individually
owned lots where one or more other parcels are owned in common
or there are reciprocal rights in one or more other parcels.
A subdivision.
Plat
A map or plan of a certain parcel of land.
Point
1% of the loan amount. A fee paid to make a loan.
Power of
attorney An instrument authorizing a person to act
as the agent of the person granting it.
Prepayment
penalty A fee imposed by a lender to allow a borrower
to pay all or part of a debt early.
Principal
The original amount of debt, not including interest.
Promissory
note The document signed by the borrower promising
repayment of the loan showing the amount of monthly payments,
interest rate, first payment date, last payment date, and
the late charge and repayment provisions.
Purchase
money mortgage A mortgage given by a mortgage lender
to a purchaser of real property to finance the purchase of
real estate.
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