A sum of borrowed money (principal) that is
generally repaid with interest.
The process by which a mortgage lender brings into
existence a mortgage secured by real property.
The relationship between the principal balance of
the mortgage and the appraised value (or sales price if it is lower) of the
property. For example, a $100,000 home with an $80,000 mortgage has a LTV
percentage of 80 percent.
A written agreement in which the lender guarantees
a specified interest rate if a mortgage goes to closing within a set period of
time. The lock-in also usually specifies the number of points to be paid at
closing.
The time period during which the lender has
guaranteed an interest rate to a borrower. See lock-in.