| Pre-Qualifications |
A preliminary assessment of a buyer's ability to secure a loan, based on a specific set of lending guidelines and buyer representations made. This is not a guarantee or commitment by a lender to extend credit.. |
| Prepayment Penalty |
A charge paid to the lender by the borrower if a mortgage loan is repaid before its term is over. |
| Prime Rate |
The interest rate charged by banks to their preferred corporate customers, it tends to be an estimator for general trends in short term interest rates. |
| Principal |
The borrowed amount. |
| Private Mortgage Insurance (PMI) |
Insurance written by a private company to protect the lender against loss caused by mortgage default. |
| Progress Payment |
The drawdown amounts used whilst constructing a property. Usually there are 4 or 5 that take place during the course of construction. |
| Purchaser |
Person Buying a Property |
