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

market rate

Banking; Mortgage

Estimated average interest rate being charged by lenders for conventional loans.

modulat house

Banking; Mortgage

A factory-assembled residence built in units or sections, transported to a permanent site, and erected on a foundation. Excludes mobile homes.

A written agreement to pay a sum of money at a stated interest rate during a specified term. The note contains a complete description of the conditions under which the loan is to be repaid and when ...

mortgagor

Banking; Mortgage

The borrower in a mortgage transaction. The mortgagor pledges property as security for the debt.

non-conforming loan

Banking; Mortgage

Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or ...

note

Banking; Mortgage

A general term for any kind of paper or document signed by a borrower that is an acknowledgment of a debt, and is, by inference, an agreement to repay that debt. When the note is secured by a ...

negative points

Banking; Mortgage

A cash rebate paid by lenders to a mortgage broker or the borrower for a mortgage with an interest rate above the lender's par interest rate. A rebate credited to the borrower is typically used to ...