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Partial Entitlement -
The amount of guarantee still available to an eligible veteran who has
used part of their previous entitlement.
Periodic Payment Cap -
Cap which sets the limit for monthly payment maximum on a ARM.
Periodic Rate Cap -
Cap which sets the limit for and interest rate maximum on a ARM.
PITI -
Principal, Interest, Taxes and Insurance.
Pledge Account Mortgage (PAM) -
Mortgage in which a pledged account is started to earn interest and lower
monthly mortgage payments.
Points -
Prepaid interest required at closing by the lender. 1 point is equal to 1%
of the loan amount.
Power of Attorney -
Legal document allowing a person to make legal decisions on behalf of
another person.
Prepayment -
The option to pay mortgage payments ahead of regularly scheduled times.
Prepayment Penalty -
A penalty sometimes imposed by a lender for prepayments.
Principal -
The amount of outstanding debt on a property minus interest charges.
Private Mortgage Insurance (PMI) -
Insurance sometimes required on a mortgage loan in which the down
payment is lower than a specified amount. This protects the lender
in the case of the borrower defaults.
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