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 Mortgage Loan Glossary - 'P'

Use the alphabet letters below to navigate to the words in this glossary.

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

- P -

P&I

Abbreviation for Principal and Interest, two components that make up a mortgage payment.
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PITI

Abbreviation for Principal, Interest, Taxes and Insurance.
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Piggy back loan

A second loan on a home used as part of a purchase transaction to avoid paying for Mortgage Insurance (MI). For example, if a customer purchases a home for $100,000, to avoid MI, they would need to put $20,000 (20%) down resulting in a mortgage for $80,000. In the scenario where the customer only has $10,000 (10%), the piggy back loan would make up the difference of $10,000. This type of financing is commonly called 80-10-10. Our Mortgage Consultants can help you decide whether paying mortgage insurance or getting a combo/piggy back loan makes more sense for you. Call 1-800-248-4638.


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Points (Discount and Rebate)

Please see Discount Points.
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Power of Attorney

A legal document issued by an individual that authorizes another person to act on one's behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.
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Pre-Qualification

The process of determining how much money a prospective borrower is likely to qualify for based upon a very limited review before applying for a loan.
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Principal

The amount borrowed or outstanding remaining balance. Also can be the part of the monthly payment that reduces the remaining balance of a mortgage.
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Principal Balance

The outstanding balance on a mortgage not including interest or any other charges.
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Private Mortgage Insurance (PMI)

Please see Mortgage Insurance.
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Property

Land or real estate.
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Property address

Address of the property for which the mortgage is being sought.
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Property Taxes

Please see Real Estate Taxes.
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