"I first subscribed to Consumer Resource Network in January and while there were several listings on the internet right away, it paid off to keep the service for a while so that I could take advantage of viewing new listings as they became available. By the end of March I had found my dream home and closed on it at a really great price. And when I say it paid off, I really mean it. I was successful in taking advantage of Consumer Resource Network offer to send me $1,000 towards my mortgage, and it arrived as promised."

- Rosa E.

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Glossary of Terms


We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary you can easily navigate through the complicated world of buying and selling a home.

Click in the letter below to see the glossary

A:B:C:D:E:F:G:H:I:J:K:L:M:N:O:P:Q:R:S:T:U:V:W:X:Y:Z


P


prepayment penalty
A fee charged to a borrower for paying out all or part of the principal of the mortgage or loan before it comes due.
prime lending rate
The minimum short-term interest rate charged by commercial banks to their most creditworthy clients. Prime is used as the basis for mortgages, business and personal loans, etc. Mortgages are usually several points above the prime rate.
private mortgage insurance
Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.
property tax
An annual or semi-annual tax paid to one or more governmental jurisdictions based on the amount of the property assessment. Generally paid as part of the mortgage payment.
property tax assessment
The determination of the value of real property upon which taxes will be imposed.