|
Partial Claim
|
| a loss
mitigation option
offered by the FHA that
allows a borrower, with
help from a lender, to
get an interest-free
loan from HUD to bring
their mortgage payments
up to date. |
| |
|
PITI
|
|
Principal, Interest,
Taxes, and Insurance -
the four elements of a
monthly mortgage
payment; payments of
principal and interest
go directly towards
repaying the loan while
the portion that covers
taxes and insurance
(homeowner's and
mortgage, if applicable)
goes into an escrow
account to cover the
fees when they are due.
|
| |
|
PMI
|
| Private
Mortgage Insurance;
privately-owned
companies that offer
standard and special
affordable mortgage
insurance programs for
qualified borrowers with
down payments of less
than 20% of a purchase
price. |
| |
|
Pre-approve |
| lender
commits to lend to a
potential borrower;
commitment remains as
long as the borrower
still meets the
qualification
requirements at the time
of purchase. |
| |
|
Pre-foreclosure sale
|
| Allows a
defaulting borrower to
sell the mortgaged
property to satisfy the
loan and avoid
foreclosure. |
| |
|
Pre-qualify |
| A lender
informally determines
the maximum amount an
individual is eligible
to borrow. |
| |
|
Premium |
| An
amount paid on a regular
schedule by a
policyholder that
maintains insurance
coverage. |
| |
|
Prepayment |
| Payment
of the mortgage loan
before the scheduled due
date; may be subject to
a prepayment penalty.
|
| |
|
Principal |
| The
amount borrowed from a
lender; doesn't include
interest or additional
fees. |
