In most states, any property that is not real property. See Real Property PITI Principal, Interest, Taxes and Insurance. A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. A type of ownership with privately owned lots and buildings, and jointly owned common areas and facilities. Point A point is equal to 1 percent of the mortgage.
Discount points are simply interest that is paid up-front.
An approval for credit issued by a lender before the borrower has selected a property. Usually issued for a stated maximum loan amount and under certain conditions and assumptions regarding interest rates and other factors. Any amount paid to reduce the principal balance of a loan before the due date. Payment in full when a property is sold. Also where additional or augmented monthly payments to reduce the loan balance prematurely.