Terms with Tag Mortgage
- Owner Will Carry (OWC) — Acronym,
- A mortgage term used when a seller will offer financing (lend the money) to a qualified buyer.
➥ Mortgage financing term. - Pace Savings & Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Parama Lithuanian Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Payment Adjustment Period — Definition,
- The time period where payments on an adjustable-rate mortgage (ARM) may fluctuate.
- Payment Cap — Definition,
- A contractual limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
- Penalty — Definition,
- In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
- PenFinancial Credit Union (PFCU) — Company, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Per Diem Interest — Definition,
- Interest that is charged daily; usually refers to the partial month's interest that the buyer pays on the mortgage covering the period from the day of closing to the end of the month.
- Periodic Rate — Definition,
- The interest rate in relation to a specific amount of time. For example, the monthly periodic rate is the cost of credit per month whereas the daily periodic rate is the cost of credit per day.
- Periodic Rate Cap — Definition,
- In an adjustable-rate mortgage (ARM), it limits how much an interest rate can increase or decrease from one adjustment period to the next.
- Personal Loan — Definition,
- A loan made for personal, family, or household use as opposed to a business-type loan or a long-term mortgage loan to finance real estate.
- Pierceland Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Pincher Creek Credit Union (PCCU) — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Plainsview Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Point — Definition,
- A point equals 1 percent of a mortgage loan. Some lenders charge "origination points" to cover expenses of making a loan. Some borrowers pay "discount points" to reduce the loan's interest rate.
- Polish (London) Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Polish (St. Catharines) Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Porcupine Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Portage Credit Union (PCU) — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Portfolio Lender — Definition,
- A company that underwrites mortgage loans and keeps them on the books instead of selling them on the secondary market.
- Porting — Definition,
- A portable mortgage allows you to transfer the terms and conditions from an existing property loan to a new property loan.
- Posted Rate — Definition,
- The mortgage rates initially offered by a bank which a borrower is then expected to negotiate down.
- Power of Sale — Definition,
- The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.
- Prairie Centre Credit Union (PCCU) — Company Est. 2006, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Prairie Mountain Credit Union (PMCU) — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Pre-approval — Definition,
- A process that mortgage lenders use to determine how much money they would lend you based on a thorough review of your financial situation. Lenders issue a pre-approval letter which strengthens your position when bidding on a home, as it shows sellers that you will be able to raise funds needed to purchase.
- Pre-Approval Expiry Date — Definition,
- The date when a pre-approved mortgage expires, often 90 - 120 days after being pre-approved.
- Pre-approval Letter — Definition,
- A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
- Pre-paid Expenses — Definition,
- also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
- Pre-paid Interest — Definition,
- Interest that a borrower pays before it is due, usually to save taxes.
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