Maui Real Estate Glossary

Real Estate Glossary
[a] [b] [c] [d] [e] [f] [g] [h] [j] [l] [m] [n] [o] [p] [q] [r] [s] [t] [v] [w]
periodic interest rate cap
Limits the increase and decrease amounts on the note rate of an adjustable rate mortgage at each rate adjustment period.
PITI
A payment that combines Principal, Interest, Taxes and Insurance.
Planned Unit Development (PUD)
A project, usually consisting of a large parcel of land, that consists of both private and common areas and is maintained by a homeowners' association.
point
One percent of the amount of a mortgage is one point.
power of attorney
A legal document authorizing a person to act on another person's behalf. This can apply to certain acts for certain periods, or can grant complete authority to the individual.
preapproval
A borrower usually completes a loan application which is then reviewed and approved by an underwriter. The approval applies to a specific loan amount before a property is chosen.
prepayment
Any payment made on a loan before the due date of the payment. Also applies to payments that are larger than the amount due.
prepayment penalty
If a loan is payed off before it is due, the terms of that loan may require a penalty payment.
prime rate
The lowest commercial interest rate available on short term loans. This rate is only made available to a bank's most preferred customers.
promissory note
A promise made in writing to repay a specific amount over a specific period of time.
purchase agreement
A contract in which a buyer and seller agree to the terms of a real property sale.
purchase money transaction
The purchase of a property with money or something of equivalent value to the buying price.

Thomas S. Guthrie, Broker®, CRS®, ABR®;
Moffett Properties

Direct: (808) 669-2022
eFax: (808) 442-9991
Toll Free: 1-800-409-2022

E-mail: tom@tomguthrie.com

 

[Main Page] [About Tom] [For Buyers] [For Sellers] [Search Properties] [New Maui Listings] [Featured Properties] [Hot Buys] [Real Estate Glossary] [Maui Information] [Maui Links] [Contact Us] [Kapalua] [Napili] [Kahana] [Honokowai] [Kaanapali] [Lahaina] [Olowalu] [Kihei] [Wailea Makena] [Oceanfront Property]

Admin Login

Meyer Computer, Inc. Web Services provided by Meyer Computer, Inc.
Web Hosting & Design