home loan
Property purchase debt
A home loan is money borrowed to purchase a house or other residential property, with the property itself serving as collateral.
The term is essentially synonymous with mortgage, though home loan sounds less formal: We're shopping around for the best home loan rates.
Home loans typically span fifteen to thirty years.
One who takes temporarily
- lenderOne who loans money
- repaymentGiving back what's owed
- defaultPreset standard option
- foreclosureLender seizes mortgaged property
installment · delinquency · creditworthiness · collateral · arrears · creditor · debtor · credit score
Gradual debt reduction schedule
- interestAttention, stake, or fee
- escrowConditional third-party deposit
- underwritingRisk evaluation and acceptance
- preapprovalAuthorization before final commitment
refinance · fixed-rate · adjustable-rate · down payment · closing costs · maturity · lien · principal
Formal honorific or name
- deedWritten property conveyance
- equityImpartial treatment or ownership value
- homeownerProperty title holder
- freeholdPermanent property title
tenure · homestead · title insurance · title search · encumbrance · easement · property tax · homeownership
Residential building
- apartmentRented unit in building
- condominiumOwned unit, shared grounds
- townhouseAttached multi-floor urban residence
- duplexDivided dwelling, shared walls
residence · dwelling · real estate · land · single-family · multi-family · new construction · resale
Impartial treatment or ownership value
- appreciationRecognition of worth
- HELOCHome-secured revolving credit
- rental incomeEarnings from leased property
- property valueMonetary worth of real estate
asset · wealth building · leverage · real estate investment · investment property
borrower
One who takes temporarily
foreclosure · installment · delinquency · creditworthiness · collateral · arrears · creditor · debtor · credit score · qualification
amortization
Gradual debt reduction schedule
- interestAttention, stake, or fee
- escrowConditional third-party deposit
- underwritingRisk evaluation and acceptance
preapproval · refinance · fixed-rate · adjustable-rate · down payment · closing costs · maturity · lien · principal · term
title
Formal honorific or name
- deedWritten property conveyance
- equityImpartial treatment or ownership value
- homeownerProperty title holder
freehold · tenure · homestead · title insurance · title search · encumbrance · easement · property tax · homeownership · first-time buyer
house
Residential building
- apartmentRented unit in building
- condominiumOwned unit, shared grounds
- townhouseAttached multi-floor urban residence
duplex · residence · dwelling · real estate · land · single-family · multi-family · new construction · resale · appraisal
equity
Impartial treatment or ownership value
- appreciationRecognition of worth
- HELOCHome-secured revolving credit
- rental incomeEarnings from leased property
property value · asset · wealth building · leverage · real estate investment · investment property
- housing marketfixer-upper, condo, flat, apartment, townhouse
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- building loansmortgage, interest rates, down payment, refinancing, fixed rate
- financial agreementscredit agreement, promissory note, line of credit, credit line, HELOC
- housingapartments, house, houses, homes, apartment
- bankingbank, banks, ATM, ATMs, account
home loanrent
Payment for temporary use
renting · rental agreement · lease · tenancy · apartment rental