Real Estate Glossary

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Acronym for “principal, interest, taxes, and insurance.” Frequently used to describe a loan payment that combines all four items.

Planned Unit Development (PUD)
Individually owned houses with community ownership of common areas, such as swimming pools and tennis courts.

Map or survey showing the location and boundaries of individual properties and how they have been subdivided into lots and blocks.

Fee charged by a lender to get additional revenue over the interest rate. A point is equal to one percent of the loan amount.

Prepayment penalty
Fee charged by the lender when a borrower repays the loan early.

The amount of money borrowed; the amount of money still owed.

Private mortgage insurance (PMI)
Required by most lenders for conventional loans with a down payment of less than 20 percent. Insurance is paid by the borrower and guarantees the lender will not lose money if the borrower defaults.

Promissory note
A written promise to repay a debt on demand or at a stated time in the future.

Property tax deductions
The Internal Revenue Service allows homeowners to claim as itemized personal deductions money paid for state and local realty taxes, as well as interest on debt secured by their homes. It also allows for the deduction of loan prepayment penalties, and the deduction of points on new loans.

Property tax
Assessment levied by city and county governments on real and personal property to generate the bulk of their operating revenues to pay for such public services as schools, libraries, and roads.

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