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Glossary of Terms > P > Prepayment Penalty

Prepayment Penalty

A charge imposed by the lender if the borrower pays off the loan early. The charge is usually expressed as a percent of the loan balance at the time of prepayment, or a specified number of months interest.

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