Mortgage

Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Industry: Banking; Real estate

Add a new term

Contributors in Mortgage

Become a Contributors

Mortgage

balloon mortgage

Banking; Mortgage

A mortgage that has level monthly payments that would fully amortize over a stated term, but which provides for a lump-sum payment to be due at the end of an earlier specified term.

bimonthly mortgage

Banking; Mortgage

A mortgage on which the borrower pays half the monthly payment on the first day of the month, and the other half on the 15th.

biweekly mortgage

Banking; Mortgage

A mortgage with payments due every two weeks, totaling 26 payments a year.

blemished borrowers

Banking; Mortgage

Borrowers with one or more of the following risk factors: they can only make a very small or no down payment; they cannot fully document their income and assets; their property is something other ...

A short-term loan, usually from a bank, that "bridges" the period between the closing date of a home purchase and the closing date of a home sale. Unsecured bridge loans are available if the borrower ...

cash-out refi

Banking; Mortgage

Refinancing for an amount in excess of the balance on the old loan plus settlement costs. The borrower takes "cash-out" of the transaction. This way of raising cash is usually an alternative to ...

closing

Banking; Mortgage

The closing includes the delivery of a deed, the signing of loan documentation, and the disbursement of funds necessary to complete the sale and loan transaction. Also known as “settlement.”