Define: Chattel Mortgage Definition: A chattel mortgage is a mortgage on a personal property.
Define: Actual Notice Definition: An actual notice is a notice which is not recorded in public records.
Define: credit utilization Definition: Credit utilization is the comparison between the amount of credit available and the amount currently used.
Define: appraisal Definition: An appraisal is an estimation of a property's value.
Define: secondary residence Definition: A secondary residence is a property in which the owner(s) lives in part of the time.
Define: secure (financing) Definition: To secure financing for a property is to both successfully apply and qualify for a mortgage loan.
Define: bankrupt Definition: To be bankrupt means that one's outstanding debts are being restructured in order to pay back your creditors.
Define: mortgage Definition: A mortgage is a loan that borrowers take out in order to purchase a home.
Definition: conventional loan A conventional loan is a mortgage that is not guaranteed or insured by a government agency.
Definition: investment loan An investment loan is an amount of money lent to finance a project.
Definition: Primary loan A primary loan is the first loan that a borrower takes out on a piece of collateral.
Defintion: FHA Loan A mortgage loan issued by federally qualified lenders and insured by the Federal Housing Administration (the FHA).
Definition: income Income is the money received, on a regular basis, for work performed.