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Acronym for principal, interest, taxes and insurance,  the four components of a mortgage payment.

The purpose of a Planning Commission is to provide planning, preservation, design, comprehensive development review and inspection services. Austin faces many challenges with its fast pace growth over the last few years. Some of the areas that the planning commission is made up of include Annexation, Historical preservation, Neighborhood planning, urban design, zoning, long range transportation, to name a few. The planning commission faces many issues when trying to make Austin a “livable” city for all. Some current issues deal with design standards, mixed use corridors and new single family guidelines. for more info on Austin’s Planning Commission check out this link: http://www.ci.austin.tx.us/planning

A written authorization by a person to another person to act for him on his behalf.

Charged by the lender for premature payment of a loan balance.

Most loans these days do not have prepayment penalties.

The amount of debt, not counting interest, left on a loan

PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.

A written promise to pay a certain amount of money. The note is usually drawn up between the two parties with exact terms of how much the loan is for, how the loan will be paid back and at what interest rate.

1% or less of loan amount

A list of repairs, adjustments or things needing completion at the end of the construction process.