22 Terms
Home > Industry/Domain > Banking; Real estate > Mortgage
Mortgage
The business of lending money for the purchase of real property which is repayed in security interest.
Industry: Banking; Real estate
Add a new termContributors in Mortgage
Mortgage
Good faith estimate
Banking; Mortgage
The form that lists the settlement charges the borrower must pay at closing, which the lender is obliged to provide the borrower within three business days of receiving the loan application.
Gift of equity
Banking; Mortgage
A sale price below market value, where the difference is a gift from the sellers to the buyers. Such gifts are usually between family members.
Front-end fee
Banking; Mortgage
Mortgage broker income paid by the borrower, as distinguished from the fee paid by the lender, which is "back-end".
Generic prices
Banking; Mortgage
Prices that assume a more or less standardised set of transaction characteristics that generally command the lowest prices.
Float-down
Banking; Mortgage
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. Also called a cap.
Grace period
Banking; Mortgage
The period after the payment due date during which the borrower can pay without being hit for late fees.
Featured User
Featured blossaries
pmss1990
0
Terms
1
Blossaries
0
Followers
Medecine: Immunodeficiency and pathophysiology
Category: Science 2 22 Terms
22 Terms
