A penalty that a lender may impose on a borrower who pays a loan off before its expected end date. A fee charged by a lender when the borrower prepays all or a part of a mortgage in excess of the …
Prequalification
A lender's preliminary assessment of a buyer's ability to pay for a home, and an estimate of how much the buyer may borrow. …
Pressure Relief Valve
A safety vent that relieves excess pressure in a water heater. …
Price Range
The upper and lower limit of what a buyer is willing to pay for a home. …
Prime Lending Rate
The minimum short-term interest rate charged by commercial banks to their most creditworthy clients. Home loan rates typically are several points above the prime rate, which is also used as the basis …
Primer
The initial coat of paint or sealant applied to a surface to prepare it for painting. …