Definition provided by Nolo’s Plain-English...
mortgages
PITI
Definition from Nolo’s Plain-English Law DictionaryAbbreviation for the major expenses that make up a mortgage payment: principal (the amount borrowed), interest, (property) taxes, and (homeowners') insurance.
PMI
An abbrevation for Private Mortgage Insurance
Power of Sale clause
Most deed of trust mortgages include a power-of-sale clause. This clause allows the trustees in deed of trust mortgages to do non-judicial foreclosures on delinquent borrowers - that is, foreclose without going to court.
See Mortgage Law.
prepayment penalty
A penalty, in the form of a fee, charged to a borrower who pays off a mortgage early.
priority
Definition from Nolo’s Plain-English Law DictionaryThe right to be ahead of the rights or claims of others. In bankruptcy law, the right to collect before other creditors is given to taxing authorities, the holders of court judgments, secured creditors,...
private mortgage insurance
Insurance protecting a lender if a mortgage defaults and the foreclosure is less then the outstanding portion of the loan.
Purchase Money Mortgage
Sometimes, a person buying real property gives the seller a mortgage on the property as part of the deal to buy the property. This is called a purchase money mortgage, because this type of mortgage usually replaces part or all of the cash that the...
redeem
Definition from Nolo’s Plain-English Law DictionaryTo buy back property, as when a homeowner pays off a mortgage. (This typically happens when the homeowner faces foreclosure and pays off the original mortgage by refinancing or when someone in bankruptcy...
redemption
Definition from Nolo’s Plain-English Law Dictionary1) In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a...
satisfaction of mortgage
The full payment of a mortgage, ending the loan.