13 Terms
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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
Balloon mortgage
Real estate; Mortgage
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortised as if it would be paid over a thirty year period, but requires ...
Biweekly mortgage
Real estate; Mortgage
A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen.
Conventional mortgage
Real estate; Mortgage
Refers to home loans other than government loans (VA and FHA).
Self-employed borrower
Banking; Mortgage
A borrower who must document income using tax returns rather than information provided by an employer.
Seller contribution
Banking; Mortgage
A contribution to a borrower's down payment or settlement costs made by a home seller, as an alternative to a price reduction.
Seller financing
Banking; Mortgage
Provision of a mortgage by the seller of a house, often a second mortgage, as a condition of the sale.
Servicing agent
Banking; Mortgage
The party who services a loan, who may or may not be the lender who originated it.
