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

cooperative

Banking; Mortgage

A building of two or more dwelling units that is owned by a corporation made up of people in the building. The right to occupy a unit is obtained by buying shares of stock in the corporation and ...

covenant

Banking; Mortgage

A clause in a contract that obligates or restricts the parties and which, if violated, can result in legal action.

credit limit

Banking; Mortgage

The maximum amount that you can borrow under the home equity loan or line.

credit report

Banking; Mortgage

A report detailing an individual's credit history.

deed

Banking; Mortgage

The legal document conveying title to a real property.

deed of trust

Banking; Mortgage

An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and reconveyed upon payment in full.