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Glossary of Terms > P > Pre-approval

Pre-approval

A commitment by a home mortgage lender to make a home loan to a specified borrower, prior to the identification of a specific property. It is designed to make it easier to shop for the house you want. Unlike a pre-qualification, the lender checks the applicant's credit during the process.

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