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Mortgage Glossary

The mortgage glossary helps you understand technical mortgage terms used throughout our web site. Use the menu below to navigate alphabetically to the term you are looking for.

  1. Payment Cap
  2. Payment Schedule
  3. Per Diem Interest
  4. Periodic Cap
  5. Piggyback Mortgage
  6. PITI
  7. PITI Reserve
  8. Planned Unit Development (PUD)
  9. Points
  10. Power of Attorney
  11. Preapproval
  12. Prepaid Expenses
  13. Prepaid Interest
  14. Prepayment
  15. Prequalification
  16. Prime Rate
  17. Principal
  18. Private Mortgage Insurance (PMI)
  19. Property Taxes
  20. Purchase Agreement

Based on Quicken Loans internal data.

The payment on a $200,000 30-year fixed-rate loan at 3.875% with a 70% loan-to-value ratio is $940.48 with .25 points due at closing. The annual percentage rate (APR) is 3.968%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. By refinancing your existing loan, the total finance charges may be higher over the life of the loan. Some state and county maximum loan amount restrictions may apply.