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

Balance

Banking; Mortgage

The amount of the original loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal.

Bimonthly mortgage

Banking; Mortgage

A mortgage on which the borrower pays half the monthly payment on the first day of the month, and the other half on the 15th.

Amortisation

Banking; Mortgage

A monthly repayment schedule in which a loan is repaid in fixed payments of principal and interest.

Appraiser

Banking; Mortgage

A person qualified by education, training, and experience to estimate the value of real and personal property.

Biweekly mortgage

Banking; Mortgage

A mortgage with payments due every two weeks, totaling 26 payments a year.

An option exercised by the borrower, at the time of the loan application or later, to "lock in" the rates and points prevailing in the market at that time. The lender and borrower are committed to ...

Lock commitment letter

Banking; Mortgage

A written statement from a lender verifying that the price and other terms of a loan have been locked. Borrowers who lock through a mortgage broker should always demand to see the lock commitment ...