A claim by one person on the property of another as security for money owed. Such claims may include obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. (See also special lien.)
A loan with a maximum credit limit that allows the borrower(s) to disburse funds up to the maximum credit line as needed. Funds may be disbursed repeatedly as the principal balance is paid down up to the maximum credit limit available. A line of credit functions similar to a credit card and may be accessed by writing a check or a using a debit card.
The total amount requested by the borrower to be financed. This amount is the basis of many loan fee calculations. For refinance loans, the loan amount will include the balance of all loans the borrower requests to be paid off, including the original mortgage, other personal debt and/or cash out amount.
The loan program that dictates the finance type, amortization term and other pertinent loan functions (i.e., fixed or adjustable rate and 360 or 180 months).
The total number of payments required to pay the loan in full. This is also known as amortization term. Mortgage Calculator
The ratio between the amount of a given mortgage loan and the lower of sales price or appraised value. To determine a loan-to-value ratio, divide the loan amount by the sales price or appraised value.
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