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.
PARTIAL PAYMENT
A payment of less than the regular monthly amount. Usually, a lender will not
accept partial payments.
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.
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.
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.
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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Each Office Independently Owned and Operated
Information presented on this website is believed reliable but is not guaranteed
Copyright © 2004-2006 All Rights Reserved
CENTURY 21 Lindsey & Pauley
1745 Hwy 53 West · Jasper, Georgia 30143
Office: 706-692-3533 · Fax: 706-692-2366
info@lindseyandpauley.com
2004 CENTURY 21 Real Estate Corporation © and sm trademark and servicemark of
CENTURY 21 Real Estate Corporation. Equal housing opportunity.
