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

interest

Banking; Mortgage

Amount of money paid for the use of funds provided by another party. Also a right, share, or title in property.

joint tenancy

Banking; Mortgage

An undivided interest in property, taken by two or more joint tenants. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

judgment

Banking; Mortgage

Final determination by a court of the rights and claims of the parties to an action.

land acquisition loan

Banking; Mortgage

A loan made for the purpose of purchasing land only, not improvements on or to the land. Also called an “acquisition loan” or “lot loan.”

late charge

Banking; Mortgage

The penalty a borrower must pay when a payment is made after its due date or grace period.

liability coverage

Banking; Mortgage

Insurance designed to protect against expenses incurred due to bodily injury or property damage resulting from acts of, or neglect by, the insured.

limited partnership

Banking; Mortgage

A form of business ownership that consists of one or more general partners who are fully liable, and one or more limited partners who are liable only for the amount of their investment.