PAYMENT CHANGE DATE >> On an adjustable rate mortgage, this is the date the new mortgage payment is effective after an interest rate change. It is usually the 1st of the month following the interest rate change date.

PAYMENT SCHEDULE >> This schedule outlines the number of payments due, the amount of each payment and the date payments are due.

PENSION AWARD LETTER >> Documentation specifying the frequency and amount of pension payments an individual is eligible to receive.

PERIODIC ADJUSTMENT CAP >> This cap limits how much the interest rate can change in the future on an adjustable-rate mortgage.

PITI >> Acronym for principal, interest, taxes and insurance.

PLAINTIFF >> An individual or entity who files a legal action against another.

PLANNED UNIT DEVELOPMENT (PUD) >> A single-family residence located in a community with association dues and other required monthly payments.