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Glossary of Terms > P > PRE-QUALIFICATION

PRE-QUALIFICATION

This refers to the loan officer’s written opinion of the ability of a borrower to qualify for a home loan for a specific property, after the officer has made inquiries about debt, income and savings/assets. The information provided to the officer may have been presented verbally or in the form of documentation, and the loan officer may review a credit report on the borrower.

P Terms

PAYMENT CHANGE DATE

PERIODIC PAYMENT CAP

PERIODIC RATE CAP

PIGGYBACK LOAN

PITI

POINTS

PRE-APPROVAL

PRE-QUALIFICATION

PRECONSTRUCTION

PREPAYMENT

PREPAYMENT PENALTY

PRIME RATE

PRINCIPAL

PRINCIPAL, INTEREST, TAXES & INSURANCE (PITI)

PRIVATE MORTGAGE INSURANCE (PMI)

PROBATE

PROMISSORY NOTE

PROPERTY TAX

PURCHASE AGREEMENT