Business and Personal Finance Dictionary

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• PAYMENT PENALTY - Also known as "prepayment penalty" or "early payment penalty", the fee paid by a borr...
  
  
• PAYMENT PERIOD - The period over which the borrower is obliged to make payments. On most mortgages, th...
  
  
• PAYMENT POWER - A program begun by Fannie Mae in 2003-4 that allows a borrower to skip up to 2 mortgage...
  
  
• PAYMENT PROCESSING FLOAT - See administrative float.
  
  
• PAYMENT PROTECTION INSURANCE - A form of life insurance that pays a lump sum toward the Wells Fargo Per...
  
  
• PAYMENT RATE - The interest rate used to calculate the mortgage payment, which is usually but not neces...
  
  
• PAYMENT SAVER LOAN - Also known as a lease-like loan. It combines features of a lease and a conventiona...
  
  
• PAYMENT SCHEDULE - This information on the Truth in Lending Disclosure Statement shows the amount of th...
  
  
• PAYMENT SHOCK - A very large increase in the payment on an ARM that may surprise the borrower. Also us...
  
  
• PAYMENT TO INCOME RATIO - Your monthly car payment compared to your gross monthly income. Most lenders ...