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Credit
Credit An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
RELATED TERMS--------------------------------------
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.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
Exchange
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of "like kind".
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
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Credit averse
When a borrower has a poor credit history, has previously been declared bankrupt or has outstanding County Court Judgements, they are often described as credit averse.
Credit bureau
A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans.
Credit bureau score
A number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan.
Credit card discounts
Visa, Mastercard, etc., have a fee they charge for handling and billing. This fee can run from 1 to 3% and is a direct expense to the operation of the motel.
Credit enhancement
The credit support needed in addition to the mortgage collateral to achieve a desired credit rating on mortgage-backed securities.
Credit history
A record of an individual's repayment of debt.
Credit life insurance
A type of life insurance that helps repay the loan if the consumer becomes disabled.
Credit loan
A mortgage issued upon the financial strength of a borrower, without regard for collateral.
Credit rating
The Dun and Bradstreet credit rating system; rating the financial strength of commercial and industrial companies.
Credit rating check
Carried out by all mortgage lenders to check an applicant’s credit history. The check covers credit card repayments, outstanding debts, arrears, County Court Judgements and more.
Credit report
A record that lists all past and present debts and the timeliness of their repayment; it documents an individual's credit history.
Credit reporting agency
A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans.
Credit repository
An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.
Credit score
A potential borrower's composite of available credit, outstanding credit and payment history.
Credit scoring system
A numerical system designed to measure the likelihood that a borrower will repay a debt created by assigning scores to various characteristics connected to creditworthiness.
Credit unions
Credit unions are cooperative organizations whose members place money in savings accounts. In the past, credit unions made only short-term consumer and home improvement loans.
Creditor
The person to whom a debtor owes a debt or obligation; a lender.
Creditor meeting
("341 meeting") The meeting that takes place three to six weeks after the bankruptcy petition is filed, at which time the debtor may be questioned by the court-appointed trustee and the debtors'' creditors about the information provided by the debtor on the bankruptcy petition.
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Covenants, conditions and restrictions (CC and Rs)
Written rules and restrictions on the use of property, agreed to by a homeowners association of condominium board, that are filed with a county recorder's office and are legally enforceable.
CPI and Market Rent Escalation (in a lease)
Consumer Price Index or other basis for how additional rent will be calculated.
Craftsman style
An architectural style that evolved as part of the Arts and Craft movement near the turn of the century.
Crawl space
1) The space between the ground and the first floor, often found in homes with no basement. 2) The space found between the top floor and the roof, often found in the place of an attic.
Creative financing
Structuring the financing of a real estate transaction based on the cash positions of the buyer and seller.
Credit
Credit averse
When a borrower has a poor credit history, has previously been declared bankrupt or has outstanding County Court Judgements, they are often described as credit averse.
Credit bureau
A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans.
Credit bureau score
A number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan.
Credit card discounts
Visa, Mastercard, etc., have a fee they charge for handling and billing. This fee can run from 1 to 3% and is a direct expense to the operation of the motel.
Credit enhancement
The credit support needed in addition to the mortgage collateral to achieve a desired credit rating on mortgage-backed securities.
This dictionary contains 6433 terms. |
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