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Glossary of Terms beginning with P



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 a regular monthly payment 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.


A plan or chart of a piece of land which lays out existing or planned streets, lots or other improvements.


A percentage of a mortgage amount (one point = 1 percent).


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.


Any building or portion thereof that is manufactured and assembled off site, then erected on a property.


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.


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 or other lending institutions charge other banks or preferred customers.


The amount owed on a mortgage that does not include interest or other fees.

Principal Balance

The outstanding balance of principal on a mortgage, minus the 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%.


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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