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

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