David Saks: September 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3661 (Glossary of Mortgage Terms "P")

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David Saks'                                                                          

Glossary of Real Estate and Mortgage Terms


==========================================================

Package Mortgage

Mortgage covering both real and personal property.

Paper

A mortgage, deed of trust, or land contract, which is given instead of cash.

Partial Release

A release of a portion of property covered by a mortgage.

Perc Test (Percolation)

The test to determine the capability of the soil to absorb liquid, both for construction and septic systems.

Permanent Mortgage

A mortgage on completed construction on the same property under one mortgage or trust deed.

PMI Private Mortgage Insurance

Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, enabling a lender to make a conventional loan of a higher percentage of the property value.

Points

A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1000 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield of the mortgage and to cover loan closing costs. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.

Property Tax

Generally, tax levied on both real and personal property.

Prorate

To divide in proportionate shares, such as taxes, insurance, rent, or other items.

Purchase Money Mortgage

A Mortgage given by the buyer to the seller as part of the purchase consideration, as opposed to a hard money mortgage.



David Saks



Time&Temp Memphis

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