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

Co-borrowers

Banking; Mortgage

One or more persons who have signed the note, and are equally responsible for repaying the loan. Unmarried co-borrowers who live together are advised to agree beforehand on what happens if they ...

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."

Contract knavery

Banking; Mortgage

Inserting provisions into a loan contract that severely disadvantage the borrower, without the borrower's knowledge, and sometimes despite oral assurances to the contrary.

Credit score

Banking; Mortgage

A single numerical score, based on an individual's credit history, that measures that individual's credit worthiness. Credit scores are as good as the algorithm used to derive them.

Conservatorship

Banking; Mortgage

A legal status where a conservator is appointed to oversee a firm in trouble in order to protect and conserve the firm's assets.

A method of documenting a loan file that relies on information the borrower is likely to be able to provide, instead of waiting on verification sent to third parties for confirmation of statements ...

Agreement of sale

Banking; Mortgage

Also known as a "sales contract," a written document in which a purchaser agrees to buy property under certain given conditions, and the seller agrees to sell under certain given conditions.