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P

Partial payment

A payment that is not enough to cover the planned monthly payment on a mortgage loan.

Payment change date

It is a date when new monthly payment amounts come in to effect on an adjustable-rate mortgage (ARM) or a graduated-payment adjustable-rate mortgage (GPARM).

Principal

The amount borrowed or yet to be repaid. It is a part of the monthly payment, which reduces the balance of the mortgage.

Public Housing

Government-owned housing made obtainable to low-income individuals and families at zero cost or for nominal rental rates.

 

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