Glossary - P
Partial payment
A payment that is not enough to cover the scheduled monthly payment on a mortgage loan.
Personal property
Any property that is not real property.
Point
A one-time charge by the lender for originating a loan. A point is 1 percent of the amount of the mortgage.
Preforeclosure sale
A method in which the investor tolerates a mortgagor to evade foreclosure by selling the property for less than the amount that is owed to the investor.
Prepayment penalty
A fee that might be charged to a borrower who pays off a loan before it is due.
Pre-qualification
The process of determining how much money a prospective home buyer will be adequate to borrow before he or she applies for a loan.
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