- 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.
PITI Principal, interest, taxes and insurance--the
components of a monthly mortgage payment.
-
- points
- Charges
levied by the mortgage lender and usually payable
at closing. One point represents 1% 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%.
YOUR
FRIENDLY COLORADO MORTGAGE BROKER SINCE 1977
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