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

Foreclosure

Banking; Mortgage

A legal procedure in which property mortgaged as security for a loan is sold to pay the defaulting borrower's debt.

An independent contractor who offers the loan products of multiple lenders, termed wholesalers. A mortgage broker counsels on the loans available from different wholesalers, takes the application, ...

Market niche

Banking; Mortgage

A particular combination of loan, borrower and property characteristics that lenders use in setting prices and underwriting requirements. These characteristics are believed to affect the default risk ...

Mortgage lender

Banking; Mortgage

The party who disburses funds to the borrower at the closing table. The lender receives the note evidencing the borrower's indebtedness and obligation to repay, and the mortgage which is the lien on ...

Monthly debt service

Banking; Mortgage

Monthly payments required on credit cards, instalment loans, home equity loans, and other debts but not including payments on the loan applied for.

Mortgage modification

Banking; Mortgage

A change in the terms of a loan, usually the interest rate and/or term, in response to the borrower's inability to make the payments under the existing contract.