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

delinquency

Banking; Mortgage

A loan payment that is overdue, but within the period allowed before actual default is declared.

disaster myopia

Banking; Mortgage

The tendency of lenders to ignore potential shocks that can cause them major losses if a long period has elapsed since a shock has occurred.

documentation requirements

Banking; Mortgage

The set of lender requirements that specify how information about a loan applicant's income and assets must be provided, and how it will be used by the lender.

dual index mortgage

Banking; Mortgage

A mortgage on which the interest rate is adjustable based on an interest rate index, and the monthly payment adjusts based on a wage and salary index.

A provision of a loan contract that stipulates that if the property is sold the loan balance must be repaid. This bars the seller from transferring responsibility for an existing loan to the buyer ...