P.I.T.
Principal, interest, and property tax due on a mortgage. If your down payment is greater than 25% of the purchase price or appraised value, the lender will usually allow you to make your own property tax payments.

Portable Mortgage
An existing mortgage that can be transferred to a new property. One would want to port their mortgage in order to avoid any penalties, or if the interest rate is much lower than the current rates.

Prepayment Penalty
A fee charged a borrower by the lender when the borrower prepays all or part of a mortgage over and above the amount agreed upon. The Prepayment Penalty can vary from lender to lender, a usual charge is the greater of the Interest Rate Differential (IRD) or 3 months interest.

Prime
The lowest rate a financial institution charges its best customers.

Principal
The original amount of a loan, before interest.