A letter from a lender that states the amount of money a potential buyer can obtain. …
Pre-Sold Home
A home that is sold before it is built. …
Prepaid Expenses
Expenses including taxes, insurance, and assessments that are paid before the due date. …
Prepaid Fees
Funds collected by the lender from the borrower to pay certain recurring items in advance, including interest, property taxes, hazard insurance, and, if applicable, private mortgage insurance (PMI). …
Prepaid Interest
Interest paid before it is due. For example, at the close of a real estate transaction the borrower may prepay interest that will accrue between closing and the first monthly payment. …
Prepayment Clause
A clause in a mortgage agreement that allows you to pay off all or a percentage of the mortgage before the maturity date. …