Definition
Principal
The outstanding loan balance, and the portion of each payment that reduces it.
Nearby terms
Prepaid Interest
Interest from the closing date to the end of that month, collected at closing.
Prepayment Penalty
A charge for paying off a loan early.
Private Mortgage Insurance
Insurance protecting the lender on conventional loans above 80% LTV.
Proration
The division of ongoing costs such as property taxes and HOA dues between buyer and seller as of the closing date.
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