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Mobile Home Finance Dictionary > P
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Passive activity income: The income from real estate or another business in which an owner is not actively involved or participate in on a day-to-day basis.
Payback period: The period of time necessary for the cash flow from a project to equal the amount of money invested.
Payment Plan: An agreement with a lender in which a borrower promises to make up any missed payments by sending one full payment and one partial payment each month until delinquent mortgage payments are caught up.
Payment rate: The rate at which the borrower repays an adjustable rate loan that reflects any buy downs or payment caps.
Perpetuity: An existence without any time limits which would theoretically be forever.
Personal property: Any property which is not real property.
Planned Unit Development (PUD): A type of property that is part of a subdivision and has common areas that are shared with all residents and maintained through a homeowner's association fee. Usually, the owner owns the home and the land on which it stands. Also called a "co-op" in the case of mobile or manufactured homes.
Points: A charge assessed by a lending institution to increase the yield of a mortgage loan above the contract rate to the market rate so that it is competitive with other investments and is equal to the difference between the stated principal amount on the note and the lesser amount loaned. One point equals 1 percent of the loan amount. See Discount points.
Power of attorney: A written instrument whereby a principal authorizes an agent who is sometimes called an attorney in fact to perform specified acts on his or her behalf.
Pre approval: A guarantee that a lender will loan a potential buyer a fixed dollar amount as long as they buy a home within a certain time frame and the house appraises for the amount of money for which they qualify.
Predatory Lending: A type of lending that falls between appropriate risk-based pricing and blatant fraud and combines certain products, terms, prices and practices.
Pre-Foreclosure Sale: When the lender agrees to allow a delinquent borrower to sell the house to avoid foreclosure.
Prepayment: Paying more each month than the amount of the regular mortgage loan payment to pay the loan off sooner and save money on interest charges.
Prepayment Penalty: Some lenders will charge a borrower either a flat rate, or percentage of the loan, if the loan is paid in full prior to the maturity date.
Pre qualification: The process used by lenders to calculate a potential buyer's mortgage affordability, usually based on unverified information.
Prime Lending: Lending to borrowers with highly rated credit histories.
Prime rate: The lowest commercial interest rate charged by banks on short-term loans to their most creditworthy customers.
Principal: 1. A main party in a real estate transaction such as a buyer, seller, owner, lessor or borrower. 2. A party who is also called a client who has authorized another to act on his or her behalf and is represented by an agent. 3. An amount invested as an investment which is different than income or profits. 4. The amount of money borrowed or the amount of the loan due and payable at a certain date.
Promissory Note: A document in which the borrower promises to repay a loan.
Property tax: A government levy on privately owned property based on its market value or other uniformly-applied standard which is sometimes referred to as ad valorem tax or real estate tax.
Prorations: Certain items that are continuing expenses such as property taxes and space rent that must be distributed between the buyers and the sellers at the close of sale and/or escrow.
Proxy: 1. The document given by one person giving another person the lergal authority to represent them. 2. The person who represents another, particularly in some meeting.
Public Record: Information obtained by a credit reporting agency from court records, such as liens, bankruptcy filings and judgments.
Purchase and Sale Agreements: A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
Purchase Offer: A purchase proposal to the seller of a house, telling the amount a certain buyer would pay for the house and other conditions that would have to be met before the proposed home sale.
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