by Myers Jackson | Dec 31, 2024 | Auction News
Promissory Note A written promise to repay a specified amount over a specified period of time. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions, and...
by Myers Jackson | Dec 31, 2024 | Auction News
Private Mortgage Insurance Insurance for conventional mortgage loans that protects the lender from loss in the event of default by the borrower. See Mortgage Insurance Real estate words and definition CLICK THIS BUTTON For other words and definitions related to...
by Myers Jackson | Dec 31, 2024 | Auction News
Principal The amount of money borrowed or the amount of the loan that has not yet been repaid to the lender This does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or unpaid principal balance) is...
by Myers Jackson | Dec 31, 2024 | Auction News
Prepayment Penalty A fee that a borrower may be required to pay to the lender, in the early years of a mortgage loan, for repaying the loan in full or prepaying a substantial amount to reduce the unpaid principle balance. Real estate words and definition CLICK...
by Myers Jackson | Dec 31, 2024 | Auction News
Prepayment Any amount paid to reduce the principal balance of a loan before the scheduled due date. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions, and...
by Myers Jackson | Dec 31, 2024 | Auction News
Predatory Lending Abusive lending practices that include making mortgage loans to people who do not have the income to repay them or repeatedly refinancing loans, charging high points and fees each time and “packing” credit insurance onto a loan. Real estate...
