Firm commitment

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Firm commitment

Firm commitment

A lender’s agreement to make a loan to a specific borrower on a specific property.

RELATED TERMS
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Loan
A sum of borrowed money (principal) that is generally repaid with interest.

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.

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.

SIMILAR TERMS
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PREVIOUS AND NEXT TERMS
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Finder's Fee
A fee or commission paid to a broker for finding you a mortgage.

Finish grade
A finish that prepares a lot for landscaping.

Fire insurance requirement form
A statement signed by the "borrower" agreeing to comply with the lender's requirements for fire insurance coverage.

Fire rating
A rating of the length of time it takes a fire to penetrate a barrier. Designates the ability of a material to contain a fire in a carefully controlled test setting for a specified period of time.

Fire wall
A buffer composed of fire-resistant material.

Firm commitment

First charge
If your property is collateral for more than one property and the borrower defaults on payments, the lender with First Charge has the option to repossess the home.

First lien
Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.

First mortgage
Mortgage holding priority over the claims of subsequent lenders against the same property.

First refusal right, or right of first refusal
A lease clause giving a tenant the first opportunity to buy a property or lease additional space in a property at the same price and on the same terms and conditions as those contained in a third-party offer that the owner has expressed a willingness to accept

First Time Buyer (FTB)
Someone who is buying a home for the first time.

This dictionary contains 6433 terms.

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