Mortgage

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

occupancy

Banking; Mortgage

The use of a property as a full-time residence, either by the titleholder (owner-occupied) or by another party through a formal agreement (rental).

payoff figures

Banking; Mortgage

The unpaid principal balance and escrow amounts to be used in calculating full payment of the mortgage or for the closing sale of the property

personal property

Banking; Mortgage

Usually considered to be property that is moveable, as opposed to real property such as vacant or improved land.

power of attorney

Banking; Mortgage

A legal document authorizing one person to act on behalf of another.

preapproval

Banking; Mortgage

A preapproval letter indicates that you have been preapproved for a specified mortgage amount based on a preliminary review of your credit information.

prepaids

Banking; Mortgage

A portion of the total closing costs related to the mortgage loan that are collected at loan closing, including per diem pre-paid interest and initial deposits of monthly escrows for taxes and ...