Private Mortgage Insurance, or PMI, is a type of insurance that lenders require from homebuyers who make a down payment of less than 20% of the home's purchase price. PMI protects the lender if the …
Probate
The process of establishing the validity of a will before a duly authorized court or person. Once validity is confirmed, the probate court then administers the sale of property as directed by the will …
Processing Fee
A fee charged by some lenders for gathering information necessary to process the loan. …
Procuring Cause
Legal term used to determine whether a broker is entitled to a commission. …
Production Home
Homes that are mass-produced by one builder. …
Pocket Door
A type of interior door that slides into a pocket in a wall. A sliding door that recesses into the wall when opened. …