Betty Goyens, Your Malibu Agent


Private Mortgage Insurance (PMI)

2022-01-14T00:31:38-05:00January 14, 2022||

Insurance issued by private insurers that protects lenders against a loss if a borrower defaults on a mortgage with a low down payment (e.g., less than 20 percent).

Primary Mortgage Market

2022-01-14T00:31:14-05:00January 14, 2022||

Lenders, such as savings-and-loan associations, commercial banks and mortgage companies, who make mortgage loans directly to borrowers. These lenders sometimes sell their mortgages to the secondary mortgage markets.

Prepayment Penalty

2022-01-14T00:31:00-05:00January 14, 2022||

Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) in many states.


2022-01-14T00:30:48-05:00January 14, 2022||

A privilege in a mortgage permitting the borrower to make payments in advance of their due date.

Prepaid Expenses

2022-01-14T00:30:34-05:00January 14, 2022||

Necessary to create an escrow account or to adjust the seller’s existing escrow account. Can include taxes, hazard insurance, private mortgage insurance and special assessments.


2022-01-14T00:30:23-05:00January 14, 2022||

The process of determining how much money you will be eligible to borrow before you apply for a loan.


2022-01-14T00:29:55-05:00January 14, 2022||

One point equals 1 percent of the mortgage amount. Points are charged by lenders to increase the lender’s return on the mortgage. Typically, lenders may charge anywhere from zero to two points. Loan points are [...]

Pledged-account Mortgage (PAM)

2022-01-14T00:29:45-05:00January 14, 2022||

Money is placed in a pledged savings account and this fund plus earned interest is gradually used to reduce mortgage payments.


2022-01-14T00:29:30-05:00January 14, 2022||

Principal, interest, taxes and insurance -- the primary components of a monthly mortgage payment.

Permanent Loan

2022-01-14T00:29:18-05:00January 14, 2022||

A long-term mortgage, usually 10 years or more. Also called an "end loan."

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