Las Vegas Real Estate Glossary P
(Package Mortgage - Prepayment Penalty)
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Mortgage on both the purchased real estate and personal property of
a durable type, with the entire amount financed is considered one mortgage.
A payment that is not sufficient to cover the scheduled monthly payment
on a mortgage loan.
Payment Change Date
The date when a new monthly payment amount takes effect on an adjustable-rate
mortgage (ARM) or a graduated-payment adjustable-rate mortgage (GPARM).
Generally, the payment change date occurs in the month immediately after
the adjustment date.
Periodic Payment Cap
For an adjustable-rate mortgage (ARM), a limit on the amount that payments
can increase or decrease during any one adjustment period.
Periodic Rate Cap
For an adjustable-rate mortgage (ARM), a limit on the amount that the
interest rate can increase or decrease during any one adjustment period,
regardless of how high or low the index might be.
Any property that is not real property.
Planned Unit Development (PUD)
A project or subdivision that includes common property that is owned
and maintained by a homeowners' association for the benefit and use
of the individual PUD unit owners.
A one-time charge by the lender for originating a loan. A point is 1
percent of the amount of the mortgage.
Power of Attorney
A legal document that authorizes another person to act on ones
behalf. A power of attorney can grant complete authority or can be limited
to certain acts and/or certain periods of time.
Prearranged Refinancing Agreement
A formal or informal arrangement between a lender and a borrower wherein
the lender agrees to offer special terms (such as a reduction in the
costs) for a future refinancing of a mortgage being originated as an
inducement for the borrower to enter into the original mortgage transaction.
A procedure in which the investor allows a mortgagor to avoid foreclosure
by selling the property for less than the amount that is owed to the
Any amount paid to reduce the principal balance of a loan before the
due date. Payment in full on a mortgage that may result from a sale
of the property, the owner's decision to pay off the loan in full, or
a foreclosure. In each case, prepayment means payment occurs before
the loan has been fully amortized.
A fee that may be charged to a borrower who pays off a loan before it