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Tools & Resources

  

Mortgage Glossary

P&I

See Principal and Interest.

Payment Cap

A limit on the amount your monthly payments on an adjustable rate mortgage can increase during each adjustment period. Unlike an interest rate cap, a payment cap does not limit the amount of interest you pay, and could lead to negative amortization.

Piggyback Mortgage

See Second Mortgage.

PITI

An abbreviation for "Principal, Interest, Taxes and Insurance" — the four charges that make up your monthly mortgage payment.

Plan Unit Development (PUD)

A comprehensive development plan for a land area that features common areas owned and shared by the homeowners.

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