Mortgage Term Definition
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A loan term is the amount of time during which a borrower makes monthly payments towards a home loan. The loan term is subject to change, depending on the borrower’s payment habits and possible refinancing of the mortgage.
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Introduction to Mortgages: basic mortgage terminology. definitions of Common Mortgage terms mortage terms. One of the most important, and confusing,
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Browse and search thousands of Mortgage Abbreviations and acronyms in our comprehensive reference resource.
Different definitions may apply to consumer loans, residential mortgage loans and other secured assets. How a Cash Basis Loan Works Loans often go into default because the borrower has fallen on hard.
mortgage term: The amount of time in which the borrower must repay the mortgage loan. This is generally 15 or 30 years, depending on the loan.
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An evergreen loan is a loan that does not require the principal amount to be paid off within a specified period of time. Evergreen loans are usually in the form of a line of credit that is.
Define mortgage. mortgage synonyms, mortgage pronunciation, mortgage translation, English dictionary definition of mortgage. n. 1. A loan for the purchase of real property, secured by a lien on the property.. (1552-1634), to explain the mort in mortgage in terms of the permanent loss of the.
A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full.
A high ratio loan is a loan whereby the loan value is high relative to the property value being used as collateral. Mortgage loans that have high loan ratios have a loan value that approaches 100% of.