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

self-employed borrower

Banking; Mortgage

A borrower who must document income using tax returns rather than information provided by an employer.

seller contribution

Banking; Mortgage

A contribution to a borrower's down payment or settlement costs made by a home seller, as an alternative to a price reduction.

seller financing

Banking; Mortgage

Provision of a mortgage by the seller of a house, often a second mortgage, as a condition of the sale.

servicing agent

Banking; Mortgage

The party who services a loan, who may or may not be the lender who originated it.

homeowners insurance

Banking; Mortgage

Insurance purchased by the borrower, and required by the lender, to protect the property against loss from fire and other hazards.

lien

Banking; Mortgage

The lender’s right to claim the borrower’s property in the event the borrower defaults. If there is more than one lien, the claim of the lender holding the first lien will be satisfied before the ...

The amount the borrower promises to repay, as set forth in the mortgage contract. It differs from the amount of cash disbursed by the lender by the amount of points and other upfront costs included ...