Definitions

conveyance

Define: conveyance Definition: Conveyance is the act of transferring ownership interest in real property from one party to another. Additionally, conveyance refers... read more →

consumer credit

Define: consumer credit Definition: Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes... read more →

borrower capacity

Define: borrower capacity Definition: Borrower capacity is the borrower's ability to make their mortgage payments on time. This depends on income... read more →

chattel mortgage

Define: Chattel Mortgage Definition: A chattel mortgage is a mortgage on a personal property.

actual notice

Define: Actual Notice Definition: An actual notice is a notice which is not recorded in public records.

credit utilization

Define: credit utilization Definition: Credit utilization is the comparison between the amount of credit available and the amount currently used.

appraisal

Define: appraisal Definition: An appraisal is an estimation of a property's value.

quitclaim

Define: quitclaim (deed) Definition: A quitclaim deed can be used to transfer property rights. It releases a person's interest in a... read more →

decree

Define: decree Definition: A decree of foreclosure and sale is a declaration made by the court stating that a piece of... read more →

secondary residence

Define: secondary residence Definition: A secondary residence is a property in which the owner(s) lives in part of the time.

grace period

Define: grace period Definition: A grace period is the period of time after the deadline for a mortgage payment, during which... read more →

deduction

Define: deduction Definition: A deduction is a charitable gift, mortgage interest paid on a loan on a primary residence, business expenses,... read more →

renegotiate

Define: renegotiate Definition: To renegotiate a mortgage means to work with your lender to rework your loan terms so that it... read more →

secure (financing)

Define: secure (financing) Definition: To secure financing for a property is to both successfully apply and qualify for a mortgage loan.

fair lending

Define: fair lending Definition: Fair lending is the practice outlined in the Fair Housing Act of 1968. It prohibits lenders from... read more →

bankrupt

Define: bankrupt Definition: To be bankrupt means that one's outstanding debts are being restructured in order to pay back your creditors.

bankruptcy

Define: bankruptcy Definition: Bankruptcy is the state of working through debt with the help of your bank or the government,... read more →

forbearance

Define: forbearance Definition: Forbearance is an option given to borrowers who are experiencing difficulty making their mortgage payments. It involves the... read more →

mortgage

Define: mortgage Definition: A mortgage is a loan that borrowers take out in order to purchase a home.

borrower

Define borrower Definition: A borrower is someone who works with a lender to secure financial assistance in purchasing or refinancing a... read more →

conventional loan

Definition: conventional loan A conventional loan is a mortgage that is not guaranteed or insured by a government agency.

jumbo loan

Definition: jumbo loan Jumbo loans are given out for an amount that exceeds conforming loan limits established by regulations. In... read more →

Investment loan

Definition: investment loan An investment loan is an amount of money lent to finance a project.

Primary Loan

Definition: Primary loan A primary loan is the first loan that a borrower takes out on a piece of collateral.

FHA Loan

Defintion: FHA Loan A mortgage loan issued by federally qualified lenders and insured by the Federal Housing Administration (the FHA).

VA Loan

Definition: VA Loan A VA loan is a mortgage loan program provided to help veterans and their families obtain home... read more →

income

Definition: income Income is the money received, on a regular basis, for work performed.

creditworthiness

Definition: creditworthiness Creditworthiness is the valuations of borrowers by lenders that determines the possibility a borrower may default on their... read more →

asset

Definition: asset An asset is a property owned by a person that is regarded to have value and can meet... read more →

loan application

Definition: loan application A loan application is a document the provides information, financial and otherwise, about the borrow that lenders... read more →