Lock Period
Definition of "Lock Period"
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower.
Popular Mortgage Terms
The amount the borrower owes at maturity. ...
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In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
The definition of credit risk is at the core of lending. Banks lend money to businesses and individuals and expect to recover the principal and win interest. Banks offer a variety of loans, ...
A mortgage that can be moved from one property to another. Ordinarily, you repay your mortgage when you sell your house and take out a new mortgage on the new home you purchase. With a ...
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Interest that is earned but not paid, adding to the amount owed. For example, if the monthly interest due on a loan is $600 and the borrower pays only $500, $100 is added to the amount owed ...
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Proliferation in the number of loan, borrower, property, and transaction characteristics used by lenders to set mortgage prices and underwriting requirements. Nichification is unique to ...
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