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

referral power

Banking; Mortgage

The ability to direct a client to a specific vendor. Referral power is based on information and authority of the referrer, and ignorance of the client.

referral site

Banking; Mortgage

A mortgage web site that introduces potential borrowers to participating lenders, in some cases to multiple hundreds of them.

Paying off an old loan while simultaneously taking a new one. This may be done to reduce borrowing costs under conditions where the borrower can obtain a new loan at an interest rate below the rate ...

rent premium

Banking; Mortgage

An increment above the rent paid on a lease-to-own home purchase, which is credited to the purchase price if the purchase option is exercised, but which is lost if the option is not exercised.

reverse mortgage

Banking; Mortgage

A loan to an elderly home owner on which the balance rises over time, and which is not repaid until the owner dies, sells the house, or moves out permanently.

scheduled mortgage payment

Banking; Mortgage

The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract.

second mortgage

Banking; Mortgage

A loan with a second-priority claim against a property in the event that the borrower defaults. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is ...