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>> Glossary - P
We buy houses glossary - P
PITI
It’s the abbreviated term for Principal, Interest, Taxes
and Insurance. It’s also known as monthly housing expense.
Power of Attorney
It’s a legal document authorizing one person to act
on behalf of another.
Pre-approve
The lender who entrusts to lend a potential borrower a commitment
that remains as long as the borrower still satisfies the qualification
and requirements at the initial time of purchase.
Premium
An amount paid on a normal schedule by a policyholder who
maintains an insurance coverage.
Principal
The total amount borrowed from a lender which doesn't include
interest or any additional fees.
Purchaser
One who attains an estate in lands by his own act or agreement,
or the person who obtains an estate by any other means other
than by inheritance.
Patron
One who protects, supports, or countenances a defender. A
distinct person who protects another person placed under himself.
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