Definition
Credit Report
A credit report is a document containing detailed information regarding a person’s credit history, which in turn plays a critical role for lenders to …
Conversion
A conversion is a provision stipulated in a home loan agreement in which the borrower would be allowed to convert the loan structure to another one within a …
Compound Interest
Compound interest refers to the accumulation of interest charges that includes interest calculated from interest due. For example, a $100,000 loan might have a …
Assumable Mortgage
An assumable mortgage is a home loan for a property in which a new owner can legally takeover from the previous owner upon the transfer of property ownership. …
Reverse Mortgage
A reverse mortgage is essentially a secured loan against property that enables a homeowner to access equity in the property. It is usually marketed to seniors …
Foreclosure
Foreclosure is the process of taking possession of property that has been mortgaged to liquidate, for the purpose of settling debts with the sales proceeds …
Re-Pricing
Re-pricing is the process of adjusting the interest rate stated in the original home loan contract with the current bank, thus effectively changing at least …
Indicative Value
An indicative value is an estimation (or guesstimation) of value on a property based purely on information that can be gathered about the property and the …
Automated Underwriting
Automated underwriting refers to computer-driven systems whereby loan applications can be processed very quickly to determine a decision of approval or …
Insurable Interest
An insurable interest describes a monetary risk that can be protected by insurance. This basically means that almost all types of insurance policies are …
