Real estate

Real estate

Of or pertaining to property of land and the buildings on it. This also includes any minerals, crops, or any other natural resource. The business of real estate is the buying, selling, or renting property.

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Real estate > Mortgage

loan "churning"

Banking; Mortgage

The process of raising cash periodically through successive cash-out refinancings. It is a scam initiated by mortgage brokers that victimizes wholesale lenders, with the ...

lock

Banking; Mortgage

An option exercised by the borrower, at the time of the loan application or later, to "lock in" the rates and points prevailing in the market at that time. The lender and borrower ...

lock commitment letter

Banking; Mortgage

A written statement from a lender verifying that the price and other terms of a loan have been locked. Borrowers who lock through a mortgage broker should always demand to see the ...

lock failure

Banking; Mortgage

The inability or unwillingness of a lender to honor a mortgage price that a borrower had believed was guaranteed.

lock jumper

Banking; Mortgage

A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate.