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Glossary of Terms > P > Points

Points

An upfront cash payment required by the lender as part of the charge for the mortgage loan, expressed as a percent of the loan amount; e.g., "3 points" means a charge equal to 3 percent of the loan balance. It is common today for lenders to offer a wide range of rate and point combinations, especially on fixed-rate mortgages (FRMs), including combinations with negative points. On a negative point mortgage a lender contributes cash toward meeting closing costs.

P Terms

Payment Change Date

Periodic Payment Cap

Periodic Rate Cap

Piggyback Loan

PITI

Points

Portable Mortgage

Pre-approval

Pre-Qualification

Preconstruction

Predatory Lending

Prepayment

Prepayment Penalty

Primary Mortgage

Primary Residence

Prime Rate

Principal

Principal Limit

Private Mortgage Insurance

Probate

Processing

Promissory Note

Property Tax

Purchase Agreement

Purchase Money Mortgage