Definition
Assignor
An assignor refers to a person or entity who transfers (or assigns) an insurance policy or mortgage to another party. They are more common with the former than …
Bimonthly Mortgage
A bimonthly mortgage is a housing loan in which half the monthly required payment is made twice a month. Such payment arrangements can help a borrower save a …
Accrued Interest
Accrued interest occurs when interest charges are due and not paid in full, and the balance is then added to the amount owed. The added amount is the accrued …
Biweekly Mortgage
A biweekly mortgage is a home loan whereby the borrower makes half the monthly payment amount every two weeks. This is a proven method of paying off a housing …
Zero Balance
Zero balance refers to the outstanding balance equaling zero after full repayment or full redemption, usually at the maturity of the loans. The month when zero …
Underwriting
Underwriting by definition refers to the whole process of credit assessment, analysis, and approving. But in practice, the word is usually only used when a …
Banker’s Guarantee
A banker’s guarantee (BG) is a promise from a bank that specified funds are available and ready to be disbursed to the beneficiary within a specified …
Tax Deduction
Tax deduction refers to using tax deductible expense items to make tax relief claims from IRAS. When it comes to mortgages and real estate investments, …
Scheduled Mortgage Payment
The scheduled mortgage payment of a loan refers to the amount a borrower is obligated to repay each month which consist of principal and interest. Depending on …
Rate Protection
Rate Protection is a mechanism that protects a borrower from interest rate hikes between the time a borrower applies for a mortgage and the time the facility …
