A written statement by which a buyer agrees to purchase, and a seller agrees to sell a particular piece of property according to the terms set forth in that agreement. …
Conventional Mortgage
A first mortgage granted by an institutional lender such as a bank or trust company, where the amount of the loan does not exceed 75% of the lending value of the property. …
Convertible Mortgage
A short term mortgage, usually 6 months or 1 year, that allows a borrower to lock in to a longer term at any time without penalty. …
Credit Bureau Report
A report by a credit reporting agency that maintains a history of timely, or untimely, repayment of debt. The lender's primary source of information regarding the credit history of a borrower …
Double-Up
The option to make twice the normal regular payment at a regular payment due date. …
Downpayment
The amount of cash put forward by the buyer toward the purchase price of real estate. …