Permanent Mortgage A mortgage on completed construction on the same property under one mortgage or trust deed. PITI Abbreviation for principal, interest, taxes and insurance, often lumped together in a monthly mortgage payment. Plat A map or chart of a lot, subdivision or community, showing boundary lines, buildings and easements. A point is equal to one percent of the principal amount of your mortgage. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.
Points describe some of the cost of obtaining a loan.
They are used to describe the origination fees charged by the originating lender or broker. They are also used to describe the discount fees charged by lenders to increase the overall yield. Portfolio Loan Loans made by a bank, savings and loan, or credit union that keeps the loans as an investment. Prepaid interest Prepaid interest is the interest charged to borrowers at loan closing to pay for the cost of borrowing for a partial month. For example, if a loan closed on the 15th of the month, and the 1st payment is due 45 days later, the lender will charge 15 days of prepaid interest.