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Payment cap
A limit on the amount that can be charged to the monthly payment of an adjustable-rate mortgage during a specific time period.
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Per-diem interest
Interest that accrues daily.
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Pre-approval letter
A letter from a lender detailing the amount of money that a potential borrower may obtain, subject to conditions.
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Prequalification
The process of determining how much money a prospective home buyer will be eligible to borrow before a mortgage loan is applied for.
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Private mortgage insurance (PMI)
A type of insurance policy written by a private company protecting the mortgage lender against loss resulting from a mortgage default; typically used if the borrower's down payment is less than 20 percent of the home's purchase price.
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Purchase agreement
A written contract signed by the buyer and seller detailing the purchase price and conditions of the transaction.
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