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| PARGING :
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| The cement coat applied to block foundations. |
| PARTIAL INTEREST:
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| A shared ownership in a piece of property. May be divided among two or more parties. |
| PERIODIC PAYMENT CAP :
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| The limit on how much regular monthly payments on an Adjustable Rate Mortgage can change during one adjustment period. |
| PERIODIC RATE CAP :
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| The limit on how much the interest rate on an Adjustable Rate Mortgage can change during any one adjustment period. |
| PERSONAL PROPERTY:
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| Owned items which are not permanently affixed to the land. |
| PERSONAL RESIDENCE :
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| The primary domicile of a person or family. |
| PLANNED UNIT DEVELOPMENT (PUD) :
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| A coordinated, real estate development where common areas are shared and maintained by an owner's association or other entity. |
| PLAT :
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| A plan or chart of a piece of land which lays out existing or planned streets, lots or other improvements. |
| POINT:
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| A percentage of a mortgage amount (one point = 1 percent). |
| PRE-APPROVAL :
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| The process of applying for a mortgage loan and becoming approved for a certain amount at a certain interest rate before a property has been chosen. Pre-approval allows the borrower greater freedom in negotiations with sellers. |
| PRE-QUALIFICATION:
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| Less formal that pre-approval, pre-qualification usually means a written statement from a loan officer indicating his or her opinion that the borrower will be able to become approved for a mortgage loan. |
| PREFABRICATED :
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| Any building or portion thereof which is manufactured and assembled off site, then erected on a property. |
| PREPAYMENT :
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| Payment made that reduces the principal balance of a loan before the due date and before the loan has become fully amortized. |
| PREPAYMENT PENALTY :
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| A fee that may be charged to a borrower who pays off a loan before it is due. |
| PRIME RATE :
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| The interest rate that banks and other lending institutions charge other banks or preferred customers. |
| PRINCIPAL :
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| The amount owed on a mortgage which does not include interest or other fees. |
| PRINCIPAL BALANCE:
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| The outstanding balance of principal on a mortgage. Does not included interest due. |
| PRINCIPAL, INTEREST, TAXES, AND INSURANCE (PITI):
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| The most common constituents of a monthly mortgage payment. |
| PRIVATE MORTGAGE INSURANCE (PMI):
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| A form of mortgage insurance provided by private, non-government entities. Normally required when the LOAN TO VALUE RATIO is less that 20%. |
| PROPERTY :
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| Any item which is owned or possessed. |
| PURCHASE AGREEMENT :
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| A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. |
