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Collateral
Collateral In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
RELATED TERMS--------------------------------------
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Collateral
In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Mortgage
A legal document pledging property as security for the payment of a loan.
Deed
A signed, written instrument that conveys title to real property.
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
SIMILAR TERMS--------------------------------------
Collar beam
The structural element that connects roof rafters.
Collateral security
Additional security that a borrower supplies to obtain a loan.
Collateralized mortgage obligation
Debt obligations that are collateralized by and have payments linked to a pool of mortgages.
Collection
When a borrower falls behind, the lender contacts them in an effort to bring the loan current.
Collusion
The action of two or more people to break the law.
PREVIOUS AND NEXT TERMS--------------------------------------
Co-insurance
Coverage that involves the use of two or more insurers.
Co-insurance clause
A clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80 percent of the property's actual replacement cost.
Co-investment
Co-investment occurs when two or more pension funds or groups of funds share ownership of a real estate investment.
Co-investment program
An investment partnership or insurance company separate account that enables two or more pension funds to co-invest their capital in a single property or portfolio of properties.
Collar beam
The structural element that connects roof rafters.
Collateral
Collateral security
Additional security that a borrower supplies to obtain a loan.
Collateralized mortgage obligation
Debt obligations that are collateralized by and have payments linked to a pool of mortgages.
Collection
When a borrower falls behind, the lender contacts them in an effort to bring the loan current.
Collusion
The action of two or more people to break the law.
Colonia
Unincorporated communities along the U.S.-Mexico border.
This dictionary contains 6433 terms. |
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