Tag: lender

DefinitionA mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by...

What is 'Real Estate Owned - REO' Real estate owned, or REO, is the name given to foreclosed-upon real estate, such as...

DefinitionA reverse mortgage is a type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property...

What is a 'Real Estate Short Sale' A real estate short sale is any sale of real estate that generates proceeds that...

What is 'Sale and Repurchase Agreement - SRA' An open market operation, implemented by the central Bank of Canada, that is designed...

DefinitionA payday loan is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are...

DefinitionA participation mortgage or participating mortgage is a mortgage loan, or sometimes a group of them, in which two or more persons have fractional...

What is Private Mortgage Insurance Private mortgage insurance is insurance that protects a lender in the event that a borrower defaults on a conventional home...

What is a Qualified Mortgage Insurance Premium A qualified mortgage insurance premium (MIP) is a type of mortgage insurance that homebuyers are required to purchase...

What is 'Federal Direct Loan Program ' A program that provides low-interest loans to postsecondary students and their parents. The William D....