Search results for: “mortgage”
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Dry Mortgage
Concept of Dry Mortgage in the context of Real Property A short definition of Dry Mortgage: A lien which places no personal liability on the mortgagor, looking only to the property for security.
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Permanent Mortgage
Concept of Permanent Mortgage in the context of Real Property A short definition of Permanent Mortgage: A mortgage on completed construction for a long period of time, usually over ten years. See also: Take Out Loan.
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Secondary Mortgage Market
Concept of Secondary Mortgage Market in the context of Real Property A short definition of Secondary Mortgage Market: The buying and selling of first mortgages or trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate […]
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Stock Cooperative Mortgage
Concept of Stock Cooperative Mortgage in the context of Real Property A short definition of Stock Cooperative Mortgage: A mortgage covering all of a cooperative apartment building or an individual unit of such. See: Cooperative apartment.
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Community Second Mortgage
Concept of Community Second Mortgage in the context of Real Property A short definition of Community Second Mortgage: A junior mortgage subsidized by a state or local government agency or nonprofit organization enabling low to moderate income buyers to purchase a home with less of a down […]
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Straight-term Mortgage
Concept of Straight-term Mortgage in the context of Real Property A short definition of Straight-term Mortgage: A mortgage calling for principal to be paid in a lump sum at maturity.
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Verification of Mortgage
Concept of Verification of Mortgage in the context of Real Property A short definition of Verification of Mortgage: A written request (form) sent to a mortgagee to check the accuracy of information supplied by a potential borrower on a loan application regarding the payment history and amount […]
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Direct Reduction Mortgage
Concept of Direct Reduction Mortgage in the context of Real Property A short definition of Direct Reduction Mortgage: An amortized mortgage. One on which principal and interest payments are paid at the same time (usually monthly) with interest being computed on the remaining balance.
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Package Mortgage
Concept of Package Mortgage in the context of Real Property A short definition of Package Mortgage: Mortgage covering both real and personal property.
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Chattel Mortgage
A. contract between parties , whereby the mortgagor transfers the property in chattels to the mortgagee , subject to his, the mortgagor’s right to retain possession and to redeem the chattels. conveyance of, some present legal or equitable right in personal […]
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Mortgage Saving Clause
Concept of Mortgage Saving (or Savings) Clause in the context of Real Property A short definition of Mortgage Saving (or Savings) Clause: A clause in the CC&R’s (covenants, conditions, and restrictions) which states that a violation of the CC&R’s shall not defeat a subsequent mortgage […]
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Lease-purchase Mortgage Loan
Concept of Lease-purchase Mortgage Loan in the context of Real Property A short definition of Lease-purchase Mortgage Loan: A financing method allowing a tenant to make payments on a mortgage plus an amount set aside to be used as a down payment for purchase of the property. Usually offered to […]
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Guaranteed Mortgage
Guaranteed Mortgage in the context of Real Property See: Insured Mortgage in this legal Dictionary.
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Mortgage Broker
Concept of Mortgage Broker in the context of Real Property A short definition of Mortgage Broker: One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as […]
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Flexible Rate Mortgage
Flexible Rate Mortgage in the context of Real Property See: Adjustable Mortgage Loans in this legal Dictionary.