A structure erected between two pieces of property. …
Private Mortgage Insurance (PMI)
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. …
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. …