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Glossary of Terms > P > PRINCIPAL

PRINCIPAL

The amount borrowed, or remaining unpaid, on your mortgage. Or, the part of the monthly payment that reduces the remaining balance. The principal balance is the outstanding balance of principal on a mortgage, and does not include interest or any other charges.

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