Home Equity Line of Credit Costs
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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- Periodic cap
- The maximum rate increase for a specific period for a specific loan (ARM) only.
- PITI
- Principal, interest, taxes and insurance--the components of a monthly mortgage payment.
- Planned Unit Developments (PUD)
- A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels.
- Points
- Charges levied by the mortgage lender and usually payable at closing. One point represents one percent of the face value of the mortgage loan.
- Prepaids
- Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.
- Prepayment penalty
- A charge imposed by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan in advance of schedule.
- Principal
- Amount of debt, not including interest. The face value of a note or mortgage.
- Private mortgage insurance (PMI)
- Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80 percent.
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