Home > Industry/Domain > Banking; Real estate > Mortgage
Mortgage
The business of lending money for the purchase of real property which is repayed in security interest.
Industry: Banking; Real estate
Add a new termContributors in Mortgage
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.
bankruptcy
Banking; Mortgage
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 ...
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 ...
Featured blossaries
Teresa Pelka
0
Terms
3
Blossaries
6
Followers