Definition of "Credit limit"

Marie Madero real estate agent

Written by

Marie Maderoelite badge icon

Howard Hanna Real Estate Services

Maximum credit a prospective buyer may be given. An example is the maximum mortgage a prospective home buyer may receive from the bank.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Legal proceeding whereby a person's property is attached and used to pay an obligation. The employer may withhold part of the employee's salary to the court until the debt has been paid. ...

A unilateral contract is a contract where only one part holds responsibility for whatever the document promises. For instance, an insurance contract is usually a unilateral contract ...

The definition of Fair Market Value in the real estate business is the highest amount that could be received on the sale of a property when there are a willing buyer and a willing seller. ...

Bottom of a frame such as a window sill. ...

As the term “servient” comes from the root word “serve” and to serve means to perform a duty or a service for another entity, its meaning is easy to define. The term ...

Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...

Having an interest in property for the duration of one's life after which the title reverts to another party. ...

Involves the transfer of property from one individual to another for a consideration in the form of sale. It is the most widely used type of real estate deed with a period of bargaining ...

Interest rate that exceeds the rate on the old loan but in less than the rate on new loans. It is usually offered by the lender to encourage home buyers to refinance existing, low interest ...

Popular Real Estate Questions