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A sum of borrowed money (principal) that is generally repaid with interest.
See commitment letter.
The process by which a mortgage lender brings into existence a mortgage secured by real property.
The relationship between the principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property. For example, a $100,000 home with an $80,000 mortgage has a LTV percentage of 80 percent.
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