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Financial Glossary

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Periodic rateInterest rate for a segment of time, such as APR divided by the number of billing periods.
Personal Identification Number (PIN)Numeric password used to access a system or account.
PITIPrincipal, interest, taxes and insurance are the elements of a monthly mortgage payment.
Point (discount point)Amount paid upfront to a lender to decrease the interest rate; one percent of a home loan.
Policy (insurance)Contract outlining insurance coverage and premiums.
Power of attorneySigned document giving someone legal right to conduct business on the signer's behalf.
Preapproval letter (mortgage)Document from a lender indicating how much a homebuyer may be able to borrow.
PremiumAmount paid by a policyholder for insurance.
Prepayment penaltyFee charged to the borrower for paying off a loan before the scheduled due date.
Pre-qualificationEvaluation to determine how much a potential borrower may qualify to borrow.
Prime rateInterest charged by lenders to most creditworthy borrowers.
PrincipalOriginal loan amount borrowed or the remaining balance of that loan, before interest.
Private mortgage insurance (PMI)Coverage for the lender, in the event that the borrower defaults on a loan.
Promissory noteWritten contract from a borrower to a lender, promising to pay back a loan by a certain date.
Property taxTax on property value issued by the county assessor.
Purchase agreementContract outlining the terms of a sale.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union