P

Partial Payment
A payment made by the borrower that is less than the full amortized monthly payment amount due and is not intended to be accepted as the full payment.

Partial Release
A lender's relinquishment of its claim to some part of the real property that secures a mortgage loan.

Payment
The periodic amount due to repay a lender for the proceeds of a loan. It includes principal repayment, interest repayment, and often escrows for taxes and insurance premiums.

Payoff
The total amount of money needed to pay off a loan; includes all principal, interest, and fees associated with a loan contract.

Points
A dollar amount, expressed as a percentage of the loan amount that is paid to a lender. Points can reduce the interest rate on a loan and sometime cover costs of the origination of the loan.

Prepayment
An advance payment on a mortgage, i.e., a payment that is made before its contractual due date.

Principal
The actual amount of money borrowed that is expected to be repaid over an agreed period of time. This is the amount of the loan, not including interest.

Promissory Note
A contract/agreement between the borrower and the lender for repayment of the loan. (Same as the note.)

Property Type
Classification of property, i.e. 1-family house, 2-family house, condo, etc.

Public Securitization
The issuing of securities (or bonds) to a large group of investors, usually a company. In a public securitization, the securities are registered with the Security and Exchange Commission and are announced via a prospectus (i.e., marketed publicly).

Purchase Price
The original price the borrower paid for the mortgaged property.