Glossary: P

The monthly principal and interest payment required when repaying a mortgage in accordance with its terms.

A mortgage agreement in which the principal amount loaned is increased because personal property as well as real property serve as security.

A single freestanding retail site, often adjacent to a mall or larger shopping center.

Credit given, evidenced by a written obligation with property as collateral.

A loan payment that is not great enough to cover the scheduled monthly payment on a mortgage.

The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM). The payment change date usually occurs in the month immediately after the adjustment date.

On an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase during a single adjustment period.

On an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase during a single adjustment period.

Economic indicator that measures the total income of all Americans from all sources, and is reported both before and after taxes. Also reports personal spending and personal savings. The level of spending can be used as an indicator of consumer optimism. Frequency: monthly. Source: Commerce Department.

Any and all property that is not real property.

Principal, Interest, Taxes, and Insurance is a reference to the total monthly payment required to repay a mortgage in accordance with its term as well as monthly escrow payments for taxes and insurance.

A housing project that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual unit owners.

A fee charged by title companies in some states for obtaining a map or chart of a lot, subdivision or community drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements. This drawing is required to obtain title insurance. For our comparison purposes, the plat drawing and conservation fee is considered to be a third party fee. Some lenders may include this fee in the cost of the title insurance.

A fee charged by title companies in some states to review the registration of a public record containing maps of land, showing the division of the land into streets, blocks, and lots and indicating the measurements of the individual parcels. For our comparison purposes, the plat registration fee is considered to be a third party fee. Some lenders may include this fee in the cost of the title insurance.

Fees that are collected by the lender in exchange for a lower interest rate. Commonly called discount points, each point is equal to 1% of the loan amount. For our comparison purposes, a discount point is considered to be a lender fee. To determine if it is wise to pay discount points to obtain a lower rate, you must compare the up front cost of the points to the monthly savings that result from obtaining the lower rate.