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GLOSSARY

 GLOSSARY TERMS by Alpha
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P.M.I, or Private Mortgage Insurance
Partial claim
Patent
Pay-off amount
Permanent Loan
Personal Guarantee
PITI
Pledged account Mortgage (PAM):
Point
Portfolio
Power of Attorney
Pre-Approval
Pre-foreclosure sale
Pre-qualification
Premises
Premises and operations liability
Premium
Prepaid Expenses
Prepayment
Prepayment penalty
Primary Mortgage Market
Prime rate
Principal
Principal balance
Private mortgage insurance, or P.M.I.
Promissory note
Purchase and sale agreement
Purchase money mortgage

Prepayment

A privilege in a mortgage permitting the borrower to make payments in advance of their due date.

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