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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Confused By The Mortgage Terms and Definitions? Get The Answers Here!
 
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P.I. (Principal & Interest) - P.l.T. (Principal, Interest, & Taxes) - Payment Change Date - Payment Schedule - Penalty - Per Diem Interest - PITI - Points (or Discount Points) - Power of Attorney - Pre-approval - Pre-approved Mortgage - Prepaid Expenses - Prepaid Interest - Prepayment - Prepayment Option - Prepayment Penalty - Pre-qualification - Prime Rate - Principal - Property Taxes - Purchase Agreement - Purchase and Sale Agreement


P.I. (Principal & Interest) - Principal and interest due on a mortgage.

P.l.T. (Principal, Interest, & Taxes) - Principal, interest and taxes due on a mortgage.

Payment Change Date - The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM). Generally, the payment change date occurs in the month immediately after the adjustment date .

Payment Schedule - The method for disclosing your payment schedule varies by loan type. For fixed-rate loans, the payment schedule indicates what your required monthly payment will be throughout the life of your loan. For adjustable rate loans, the payment schedules will vary by loan type and are based on conservative assumptions of future interest rates.

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

Per Diem Interest - Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first day of the following month.)

PITI - Abbreviation for Principal, Interest, Taxes and Insurance, the components of a monthly mortgage payment.

Points (or Discount Points) - Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

Power of Attorney - Legal document that authorizes one person to act on behalf of another.

Pre-approval - The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application.

Pre-approved Mortgage - Preliminary approval by the lender of the borrower's application for a mortgage to a certain maximum amount and rate.

Prepaid Expenses - Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing.

Prepaid Interest - Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date.

Prepayment - Full or partial repayment of the principal before the contractual due date.

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

Prepayment Penalty - A prepayment penalty is a fee that is charged if the loan is paid off earlier than the specified term of the loan. Depending on your loan, you may or may not incur a prepayment penalty.

Pre-qualification - The process of determining how much money a prospective homebuyer will be eligible to borrow prior to application for a loan. Information submitted during pre-qualification is subject to verification at application.

Prime Rate - The interest rate that banks charge to their preferred customers. Changes in the prime rate influence changes in other rates, including mortgage interest rates.

Principal - The amount of debt, not counting interest, left on a loan.

Property Taxes - The taxes assessed on the property by the local government (e.g. city, village or township) for the various services provided to the property owner. Such services may include police and fire department services, garbage pick up and snow removal.

Purchase Agreement - Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

Purchase and Sale Agreement - A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold
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