Definition
Private Mortgage Insurance
Insurance protecting the lender on conventional loans above 80% LTV. Cancellable, unlike most FHA mortgage insurance.
Nearby terms
Prepayment Penalty
A charge for paying off a loan early.
Principal
The outstanding loan balance, and the portion of each payment that reduces it.
Proration
The division of ongoing costs such as property taxes and HOA dues between buyer and seller as of the closing date.
Qualified Mortgage
A loan meeting federal standards for verifying repayment ability, giving the lender certain legal protections.
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