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P

P.I.	Principal and interest due on a mortgage.
P.I.T.	Principal, interest and property taxes due on a mortgage.
P.I.T.H.	Principal, interest, taxes and heating costs due on a mortgage. These payments are used to calculate the GDS and TDS of a borrower.
Penalty	A sum of money paid to a lender for the privilege of prepaying a mortgage in part or in full, outside the privileges set out in the terms of the mortgage.
Portable Mortgage	Upon the consent of the lender, the mortgagor may transfer the balance of their existing mortgage to a new property being mortgaged.
Power of Sale	The right of a mortgagee to force sale of the property without judicial proceedings should default occur.
Pre-approved Mortgage	Preliminary approval by the lender of the borrower's application for a mortgage to a certain maximum amount and rate. Usually conditional upon the property being purchased meeting the lender's criteria.
Pre-Authorized Cheque (PAC)	See Pre-Authorized Payment.
Pre-Authorized Payment (PAP)	This method of making mortgage payments allows the lender to deduct the agreed upon mortgage (tax & insurance, if applicable) payment directly from the borrower's chequing account.
Prepayment Charge	A fee charged by the lender when the borrower prepays all or part of a mortgage more quickly than stated in the mortgage agreement. The fee is charged to compensate the lender for loss of revenue.
Prepayment Options	The clause in the mortgage agreement that specifies when, how much and how prepayments of the mortgage principal (above and beyond the regular mortgage payments) can be made by the borrower.
Prime Rate	The rate charged by banks to their most credit-worthy borrowers.
Principal	The amount of money borrowed. Could be part of the repayment plan that lowers this original amount.
Priority of Mortgages	Dates of registration by number and date in the local Registry Office and/or Land Titles, then given to the mortgagee. First mortgages have priority over second mortgages; second mortgages have priority over third mortgages; and so on. Priority refers to the mortgagee's claim to the property should payments go into default. (ie. first, second, third)
Promissory-Note	An unconditioned note or written promise by the promisor to pay a sum of money to the payee on demand or at a fixed or determinable future date.
Prorations	Expenses that are fairly divided between the buyer and the seller at closing
Purchase-Money Mortgage	Mortgage for the purchase of real property, commonly a mortgage "taken back" by the seller