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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
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 ...
Due-on-sale clause
Banking; Mortgage
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.
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.