Tools & Resources

  

Mortgage Glossary

Piggyback Mortgage

See Second Mortgage.

PITI

An abbreviation for "Principal, Interest, Taxes and Insurance" — the four charges that make up your monthly mortgage payment.

Plan Unit Development (PUD)

A comprehensive development plan for a land area that features common areas owned and shared by the homeowners.

Power of Attorney (POA)

A legal and notarized document authorizing someone else to act on your behalf if you are not able to attend closing. The document must specify the type of loan it is to be used for and include the property address. The closing agent will obtain and coordinate the POA document, which is to be recorded at closing.

Pre-Approval

The process by which you get a preliminary decision on a mortgage loan before making an offer on a home. Having pre-approval can give you an advantage over other homebuyers who may be interested in the same home, because it may give the seller more confidence in your ability to purchase the home.

Ready to Buy or Refinance?

Get Started
Header Icon

Need Help? Call Us

800-210-8849

Ready to Buy or Refinance?

Get Started