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Glossary of Terms > P > Prepayment

Prepayment

A payment made by the borrower over the scheduled mortgage payment. If the additional payment pays off the entire balance it is a "prepayment in full." Otherwise, it is a "partial prepayment."

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