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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 →

median (number)

Define: median Definition: The median number is the middle number in a set of numbers. The area median income is produced... 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 →

primary residence

Define: primary residence Definition: A primary residence is the legal residence of a person. A person may only have one primary... 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 →

arm’s length transaction

Define: arm's length transaction Definition: An arm's length transaction takes place between two parties without an obvious connection to one another,... read more →

non-arms length transaction

Define: non-arms length transaction Definition: A non-arms length transaction is that which takes place between two parties that know each other, such... 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 Housing Act

Define: Fair Housing Act Definition: The Fair Housing Act was signed in 1968 by President Lyndon Johnson. It prohibits home sellers... read more →

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 →
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