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GLOSSARY
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Physical Deterioration
A type of depreciation (loss in value) to improvements caused by wear and tear or lack of maintenance.
PI (Principal and Interest)
Indicates what is included in a monthly mortgage payment on real property, e.g., principle loan amount plus interest on the loan.
PITI
The typical components of a monthly mortgage payment, including loan Principal, Interest on the loan, real estate Taxes and hazard Insurance.
Planned (Unit) Development
A subdivision of individually owned lots with one or more areas owned in common. Homeowner’s Association dues are typically mandatory.
Points
A charge by the lender for originating a loan, which is expressed as a percentage of the loan amount (i.e., percentage point). For example, two points of a $100,000 loan is $2,000.
Potential Gross Income (PGI)
The total income from all sources at full occupancy, before deducting for vacancy and collection losses, and before deducting any operating expenses.
Private Mortgage Insurance
An insurance contract that protects the lender against loss resulting from the mortgagor's default on a mortgage. On most loans that have a Loan-to-Value ratio below 80%, the borrower is required to purchase private mortgage insurance (PMI).
Purchase Money Mortgage (PMM)
A mortgage given from buyer to seller in lieu of cash, to secure all or a portion of the purchase price; this is an alternative to an institutional mortgage loan.
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