HELOC EXPERT GLOSSARY

Glossary: P

Browse terms beginning with P and move through the full A–Z home-equity and mortgage glossary.

Terms Starting with P

Each letter has its own permanent glossary page for easier browsing and linking.

A lender's release of its lien from part of the collateral while the loan remains outstanding, when permitted.

A limit on how much a scheduled payment may change during an adjustment period on certain loan structures.

A material increase in required monthly payment compared with the borrower's prior housing or loan payment.

A statement of the amount required to satisfy a loan as of a specified date.

A statement showing the amount required to fully satisfy a loan as of a specified date.

Daily interest charged for the period between closing and the beginning of the regular payment cycle.

Upfront charges often expressed as a percentage of the loan amount; one point equals 1% of the loan amount.

A lender that retains some loans in its own portfolio rather than selling them into a secondary market.

Paying some or all of a loan balance before scheduled maturity.

A charge that may apply when certain loans are paid off early, if permitted by law and contract.

The home a borrower principally occupies, subject to lender and program definitions.

A benchmark rate published by financial institutions and commonly referenced in variable-rate credit pricing.

The amount borrowed or the unpaid amount of a loan excluding interest and certain charges.

A payment applied to reduce the outstanding principal balance of a loan.

The home a borrower occupies as a primary residence, a classification relevant to many lending and consumer-protection rules.

An inspection-style report describing the physical condition of a property, often used in investment or commercial lending.

Funds collected with mortgage payments and held to pay property taxes when due.

The classification of real estate, such as single-family residence, condominium, townhome or 2–4 unit property.