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

cash to close

Banking; Mortgage

Liquid assets that are readily available to be used to pay the closing costs involved in closing a mortgage transaction.

closing statement

Banking; Mortgage

A form used at closing that gives an account of the funds received and paid at the closing, including the sales price, closing costs, escrow deposits for taxes, hazard insurance, and mortgage ...

collateral

Banking; Mortgage

Property pledged as security for a debt, such as the real estate pledged as security for a mortgage.

collection

Banking; Mortgage

The servicing procedure followed to bring a delinquent mortgage “current” and to file the required notices to bring foreclosure when necessary.

commitment

Banking; Mortgage

A binding pledge made by the lender to the borrower to make a loan, at certain (or maximum) loan terms within a given period of time for a given purpose, subject to various stated conditions.