Definition
Short Sale
A short sale is a compromised agreement between a lender and borrower whereby the former agree to accept the sales proceeds of a property which is lower than …
Asset Based Lending
Asset based lending (ABL) is a type of lending program offered by most mainstream lenders where a loan, such as a mortgage, can be approved simply by …
Interest Due
Interest due refers to the amount of interest (in dollars and cents) which a borrower is scheduled to pay on the loan in a specified period of time within the …
Home Equity Loan
A home equity loan is a term loan secured against property in which the borrower receives a lump sum in cash. The property is used as collateral to the bank …
Lock-in Period
A lock-in period is a period of time within the tenure of a home loan in which repayment of the loan would result in penalty charges incurred by the borrower. …
Amortization
Amortization refers to the repayment towards the principal balance from monthly installment payments. From a typical home loan with scheduled mortgage …
Refresh Interval
The refresh interval is the time period between the adjustment to home loan interest rates. As there are no 30-year fixed rate mortgages in Singapore, housing …
Household Income
The household income is the total combined income of home loan borrowers which would be the figure used by the lender during credit assessment and underwriting …
Accrual Period
An interest accrual period refers to the period in which interest due on a home loan is calculated by the lender. For example, if the accrual period is 1 year …
Total Expense
The total expense is simply the sum of all housing expense to maintain a property plus non-housing debts that has to be paid regularly. While this is a figure …
