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Mortgage

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

Industry: Banking; Real estate

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Mortgage

applicant

Banking; Mortgage

A prospective borrower who has completed an application.

application fee

Banking; Mortgage

A fee charged by a lender to cover initial costs of processing a loan application, often including charges for property appraisal and a credit report.

appraisal

Banking; Mortgage

A report made by a qualified person setting forth an opinion or estimate of property value. The term also refers to the process by which this estimate is obtained.

assessed valuation

Banking; Mortgage

The value that a taxing authority places on real or personal property for the purpose of taxation.

abstract of title

Banking; Mortgage

A summary of recorded transactions concerning a particular property.

acquisition costs

Banking; Mortgage

Costs of acquiring property other than purchase price, for example, attorney fees, title insurance, and lender's fees.

margin

Banking; Mortgage

The set percentage the lender adds to the index rate to determine the interest rate of an ARM.

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