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Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Contributors in Mortgage

Mortgage

acceleration

Banking; Mortgage

The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower) or by using the right vested in the Due on Sale Clause.

Equity

Banking; Mortgage

The amount a home-owner would receive for a house with the mortgage not completely paid. Subtract the the amount left to pay on the owner's mortgage from current market value of a property.

indemnifiable tax

Banking; Mortgage

If such Tax is an Indemnifiable Tax, X will pay to Y, in addition to the payment to which Y is entitled under this Agreement, such additional amount as is necessary to ensure that the net amount ...

VA loan

Real estate; Mortgage

A loan made by a private lender that is partially guaranteed by the Veterans Administration.

adjustable-rate mortgage

Real estate; Mortgage

A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.

acceleration clause

Real estate; Mortgage

A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults ...

assumable mortgage

Real estate; Mortgage

A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.

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