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

Acceleration clause

Banking; Mortgage

Condition in a mortgage that gives the lender the right to require immediate repayment of the loan balance if regular mortgage payments are not made or for breach of other conditions of the mortgage.

Affordability

Banking; Mortgage

A consumer's capacity to afford a house. Affordability is usually expressed in terms of the maximum price the consumer could pay for a house, and be approved for the mortgage required to pay that ...

Accrued interest

Banking; Mortgage

Interest that is earned but not paid, adding to the amount owed.

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 ...

Cumulative interest

Banking; Mortgage

The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include up-front cash payments, and it ...

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.