Definition of "Gap loan"
Temporary financing meeting a developer's financial difference between a construction loan and a permanent mortgage.
Popular Real Estate Terms
An assurance a loan's financial obligation will be secured by a third party. ...
Map delineating property values over a designated area. Land value maps are usually developed by a governmental planning agency. ...
Ownership in property by two or more persons at the same time. ...
A married partner. Property may be jointly held by spouses. ...
To default on a loan means to intentionally or unintentionally miss several consecutive monthly payments over the course of a few weeks or months. Most borrowers learn the definition of ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
Number of housing units of a particular category that are available. ...
Contract that intends to convey property form one individual to another but is defective in one respect. ...
The number of days that the lender guarantees the loan's rate and terms. Without a written lock-in agreement, the lender is free to change the rate and terms at the time of loan closing. A ...
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