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Glossary Of Real Estate Terms
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Glossary P

Penalty:

A sum of money paid to a lender for the privilege of prepaying a mortgage in part or in full.

P.I.
Principal and interest due on a mortgage.

P.I.T.
Principal, interest and taxes due on a mortgage.

Portable:
A mortgage that can be transferred from one property to another. This is particularly useful if you sell one home and buy another.

Power of Sale:
The right of a mortgage to force the sale of a property, without judicial proceedings, should default occur.

Prepayment Option:
The right to prepay specified amounts of the principal balance. Penalty interest may be incurred on prepayment options.

Prepayment Penalty:
Unless it is open, the mortgage may not be paid off before the Maturity Date without paying a Prepayment Penalty. The calculation of the penalty can be complex and it would be good idea to talk to your Mortgage Specialist.

Principal:
The amount of money actually borrowed (money owing to the lender at any time).


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