There are 18 terms in this glossary beginning with the letter P.
for an adjustable rate mortgage, this is the maximum payment amount a buyer could ever be expected to pay per month.
a second mortgage "piggybacked" onto a first mortgage and used in lieu of mortgage insurance. Cost effectiveness of a piggyback loan depends on current market factors.
a type of mortgage that may be carried by the borrower from one home purchase to the next, portable.
Power of attorney
a legal document that grants an individual the rights to act on behalf of another. For example, if a borrower dies or becomes incapable of managing his or her home loan or mortgage, a power of attorney assigned by that individual could manage his or her mortgage and related decisions.
Pre-paid costs or fees
any of a number of fees associated with a mortgage and usually paid out of pocket at the time of closing; includes origination fees, underwriting fees, attorney fees, etc.
the process in which a homebuyer may find out how much of a home loan he or she would be approved for with a lender; gives many buyers more flexibility when shopping for a home.
a lender that is closely affiliated with a brokerage based on reputation and other industry factors. A mortgage lender that is recommended by a broker.
a conforming loan, one whose loan limits fall within those set by Fannie Mae or Freddie Mac and often awarded to borrowers with good credit.
Private label mortgage outsourcing
a process in which a private bank or financial lender outsources mortgage products to another lender.
Private mortgage insurance, PMI
a type of insurance many homebuyers are required to purchase, particularly when they are unable to put down a certain dollar amount on the loan; protects the lender in the event of borrower default.
lender fees associated with creating the loan or mortgage, usually part of closing costs.
the physical street address of a home or property, required for mortgage application.
a fair market value of property performed by a licensed appraiser; takes into account not only condition, but also the value of similar local properties or comparable sales.