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Law Office of William F. Scofield
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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 all
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.Party WallThe wall between two adjoining properties, such as between apartments in a condominium.
The payment in full of an existing loan or other lien. Includes outstanding principal, outstanding interest, and any other amounts the borrower may owe the lender.
Percolation Test
A test to determine soil seepage capacity for properties where a septic tank is in use or being considered.
Periodic Cap
See Caps
Permanent Financing
A mortgage that replaces a construction loan after the construction is complete.
Personal Property
In most states, any property that is not real property. (Definitions vary.) See Real Property
Principal, Interest, Taxes, and Insurance. The four components (for most homeowners) that make up a monthly mortgage payment. Principal and interest are the portions of the payment assigned to repay the mortgage; the tax and insurance components are accumulated in an escrow account to make payments when they are due.
PITI reserves
A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.
Planned Unit Development (PUD)
A type of ownership with privately-owned lots and buildings, and jointly owned common areas and facilities.
A point is equal to 1% of the mortgage. One point on a $100,000 mortgage would be $1,000, for example. Also known as discount points, this payment is simply interest that is paid up-front. Most lenders offer mortgages with several combinations of points and interest rates; generally, more points means a lower interest rate, less points means a higher rate.
An approval for credit issued by a lender before the borrower has selected a property. Usually issued for a stated maximum loan amount and under certain conditions and assumptions regarding interest rates and other factors.
Pre-foreclosure sale
Allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.
An amount paid on a regular schedule by a policyholder that maintains insurance coverage.
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full when a property is sold. Also where additional or augmented monthly payments to reduce the loan balance prematurely.
Prepayment Penalty
A fee that may be charged to a borrower who pays off a loan before it is due.
A written opinion of the ability of a borrower to qualify for a home loan.
Prime Rate
The rate charged by banks to their preferred customers. Often used as the index for Home Equity Credit Lines but only rarely for first mortgages.
The amount of debt, not including interest, left on a loan; the total amount of a loan before any payments are made.
Principal Balance
The remaining balance on a mortgage. The principal balance does not include interest or any other charges.
Private Mortgage Insurance (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. See Mortgage Insurance (MI)
Property Tax
Generally, a tax levied on both real and personal property; the amount of the tax is dependent on the value of the property.
Proprietary Lease
Most commonly used in relation to stock cooperatives, whereby the owners of stock lease units (apartments).
See Planned Unit Development (PUD)
Purchase Agreement
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
Purchase Money Mortgage
A mortgage used for the acquisition of a property.
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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