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permanent loan A long-term loan taken out upon completion of a new building. personal property Anything that you can own that is considered movable. 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 1% of the face value of the mortgage loan. Points reduce the interest rate to the borrower while increasing yield to the investor.
pre-approval
When a lender commits to a loan before the borrower finds a property to buy.
