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Subprime mortgage
Subprime mortgage A mortgage granted to a borrower considered subprime, that is, a person with a less-than-perfect credit report. Subprime borrowers have either missed payments on a debt or have been late with payments.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
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.
Credit
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
Debt
An amount owed to another.
SIMILAR TERMS--------------------------------------
Subprime borrower
A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
Subprime lenders
Lenders who specialize in B, C, or D catagory paper.
PREVIOUS AND NEXT TERMS--------------------------------------
Subordination
The process of sharing the risk of credit losses disproportionately among two or more classes of securities.
Subordination agreement
A written agreement between lienholders to change the priority of mortgage, judgment and other liens.
Subordination clause
A clause in which the holder of a mortgage permits a subsequent mortgage to take priority.
Subprime borrower
A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
Subprime lenders
Lenders who specialize in B, C, or D catagory paper.
Subprime mortgage
Subrogation
The substitution of one creditor for another, with the substituted person succeeding to the legal rights and claims of the original claimant.
Subscribe
1) To give, pay, or pledge (a sum of money) as a contribution, investment, etc. 2) To append one's signature or mark to (a document), as in approval or attestation of its contents.
Subscribing witness
The witness to the execution of an instrument who has written his name as proof of seeing such execution.
Substitute of trustee
A document which is recorded to change the trustee under the deed of trust.
Substitution
An appraisal principle that states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute property, assuming that no costly delay is encountered in making the substitution.
This dictionary contains 6433 terms. |
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