Definition of "Mortgage"
A lien that makes property security for the repayment of debt. Mortgages can finance the acquisition of real estate such as a home. A mortgage has certain benefits compared to other debt instruments such as possibly lower interest rates, less financing restrictions, and long maturity period.
Popular Real Estate Terms
Region or locality that assesses real estate taxes on the properties located within its borders. Frequently, the local county or city is the property taxing jurisdiction which is empowered, ...
Amount subject to depreciation, which equals the initial cost less the estimated salvage value. ...
Covering on the top exterior of a window. ...
Long, wide piece of lumber having a minimum width of 8 inches with a minimum thickness of 1 inch for hardwood and 2 to 4 inches for softwood. ...
A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...
Mortgage banker is the person or business that originates mortgages and receives payments. The mortgage banker typically sells these mortgages to investors and obtains service fees for the ...
The person to receive the benefits of a trust when distribution occurs. Secondary beneficiaries may be nominated if the primary beneficiary predeceased the trust distribution. The ...
Storing or keeping something such as an expansion tank holding hot water. ...
Builder's ten-year guarantee that their workmanship, materials, and construction are up to established standards. The HOW provides reimbursement for the cost of remedying specified defects. ...
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