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Security

The property that will be pledged as collateral for a...

Dower

The rights of a widow in the property of her husband at his...

Condominium Hotel

A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services...

Federal Housing Administrator

An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans...

Underwriting

The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the...

401(k)/403(b) Loan

Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans -- monies must be repaid...

Servicing

The collection of mortgage payments from borrowers and related responsibilities of a loan...

Fixed Installment

The monthly payment due on a mortgage loan. The fixed installment includes payment of both principal and interest....

Leasehold Estate

A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on...

Rent With Option To Buy

See lease-purchase mortgage...