Dictionary

Private Mortgage Insurance (pmi)

Definition:   a special form of insurance used to insure all of the mortgage representing more than 80% of appraised value or purchase price Pronunciation:   \ˈprī-vət\ \ˈmȯr-gij\ \in-ˈshu̇r-ən(t)s\ Used in a Sentence:   Because we...

Principal Of Substitution

Definition:   an economic law of value; no prudent buyer will pay more for a property than the cost of an equally desirable replacement property Pronunciation:    \ˈprin(t)-s(ə-)pəl\ \ˌsəb-stə-ˈtü-shən\ Used in a Sentence: ...

Principal Meridian

Definition:  imaginary line running north and south and intersecting a base line at a definite point, used by surveyors as reference to locate land under the government survey system Pronunciation:   \ˈprin(t)-s(ə-)pəl\ \mə-ˈri-dē-ən\...

Principal

Definition:   the party who hires a real estate broker to represent them in a real estate transaction; the amount of money borrowed in a mortgage loan, excluding interest Pronunciation:   \ˈprin(t)-s(ə-)pəl\...

Primary Market

Definition:   the market in which lenders originate loans and make funds available directly to borrowers Pronunciation:   \ˈprī-ˌmer-ē\ \ˈmär-kət\ Used in a Sentence:   A commercial bank is an example of a lender...

Primary Lender

Definition:   a financial institution such as a savings association or bank, that makes mortgage loans directly to borrowers Pronunciation:   \ˈprī-ˌmer-ē\ Used in a Sentence:   We used our local bank as...