Mortgage Library

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PITI

Principal, interest, taxes, and insurance. Also called monthly housing expense.

Power of Attorney

A legal document authorizing one person to act on behalf of another.

Prepayment

A privilege in a mortgage permitting the borrower to make payments in advance of their due date.

Prepayment Penalty

Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) in 36 states and the District of Columbia.

Principal

The amount of debt, not counting interest.