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

property usage

Banking; Mortgage

Denotes whether a property is a first home, second home, vacation home or a rental property.

balloon payment

Banking; Mortgage

A lump-sum payment due at the end of an earlier specified loan term with level monthly payments.

A proceeding in a federal court in which a debtor, who owes more than his or her assets, can discharge personal liability for his or her debts. This may affect a borrower's personal liability for a ...

break-even point

Banking; Mortgage

The point at which a revenue or gain is equal to total expenses.

buydown

Banking; Mortgage

Money advanced by an individual (builder, seller, etc.) to reduce the monthly payments for a home mortgage either during the entire term or for an initial period of years.

cash-out refinancing

Banking; Mortgage

When the principal amount of a new mortgage is greater than the outstanding balance of the existing mortgage being refinanced, and a portion of the equity is converted to loan proceeds for the ...

cash reserve

Banking; Mortgage

The portion of assets that a borrower will have after the loan closing. Cash reserves may be required as part of the loan process to ensure the borrower has financial flexibility after the ...