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Glossary of Terms > P > PRIME RATE

PRIME RATE

The interest rate that banks charge to their preferred customers. Fluctuations in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit.

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