The PMAC Survey is a composite diffusion index of manufacturing conditions in the Chicago area. Readings above 50% indicate an expanding factory sector.
Purchasing Managers Association of Chicago (PMAC) Survey
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
A collection of legal documents that are filed with the local government registry so that the public will know what liens, encumbrances or judgments may affect any piece of real estate.
A gathering at a pre-announced public location to sell property to satisfy a mortgage that is in default.
Taxes based on the assessed value of the home, paid by the homeowner for community services such as schools, public works, and other costs of local government. Sometimes paid as a part of the monthly mortgage payment.
A written promise to pay a specified sum to specified person over a specified period of time.
Producer Price Index (PPI)
Measures the average level of prices of a fixed basket of goods received in primary markets by producers. Monthly percent changes reflect the rate of change in such prices. Changes in the PPI are widely followed as an indicator of commodity inflation. Frequency: monthly. Source: Labor Department.
A fee charged by a lender to cover the administrative costs of processing a loan request. For our comparison purposes, a processing or administration fee is considered to be a lender fee.
Private Mortgage Insurance
Insurance provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults. The cost of the insurance is usually paid by the borrower and is most often required if the loan amount is more than 80% of the home's value. Sometimes referred to as mortgage insurance.
The outstanding balance of principal on a loan. Principal does not include interest or fees.
Principal & Interest
The payment required to repay a mortgage in accordance with its terms. Sometimes referred to as "P&I".
The interest rate that banks charge to their best customers for short-term loans. Changes in the prime rate can influence changes in other interest rates.
A monetary penalty charged by a lender if all or part of a loan is paid off before it is due.
Procedure to determine how much money a potential homebuyer will be eligible to borrow prior to actually applying for a loan.
A process in which the lender allows a borrower to avoid foreclosure by selling the property for less than the amount that may be owed to the lender.
Power of Attorney
A written legal instrument that authorizes another person to act on one's behalf. A power of attorney can grant either complete or limited authority.
A fee charged by title companies in some states to review the registration of a public record containing maps of land, showing the division of the land into streets, blocks, and lots and indicating the measurements of the individual parcels. For our comparison purposes, the plat registration fee is considered to be a third party fee. Some lenders may include this fee in the cost of the title insurance.
Plat Drawing & Conservation Fee
A fee charged by title companies in some states for obtaining a map or chart of a lot, subdivision or community drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements. This drawing is required to obtain title insurance. For our comparison purposes, the plat drawing and conservation fee is considered to be a third party fee. Some lenders may include this fee in the cost of the title insurance.
Planned Unit Development (PUD)
A housing project that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual unit owners.
Any and all property that is not real property.
Economic indicator that measures the total income of all Americans from all sources, and is reported both before and after taxes. Also reports personal spending and personal savings. The level of spending can be used as an indicator of consumer optimism. Frequency: monthly. Source: Commerce Department.
Periodic Rate Cap
On an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase during a single adjustment period.
Periodic Payment Cap
On an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase during a single adjustment period.
Payment Change Date
The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM). The payment change date usually occurs in the month immediately after the adjustment date.
A loan payment that is not great enough to cover the scheduled monthly payment on a mortgage.
A single freestanding retail site, often adjacent to a mall or larger shopping center.
A mortgage agreement in which the principal amount loaned is increased because personal property as well as real property serve as security.
The monthly principal and interest payment required when repaying a mortgage in accordance with its terms.