Related Words

Secondary Mortgage Loan: A mortgage loan that is in addition to a mortgage that already exists on the home.

Purchase-Money Mortgage: A mortgage given as part of the buyers consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a part of the transaction. It . . . View Full Definition

Purchase Money Loan: A loan for the purpose of purchasing a home.

Purchase Loan: A consumer loan taken to finance a purchase.

Purpose Loan: A loan that is backed by securities and that is used to buy other securities under certain government regulations.

Re Mortgage: To re mortgage is arranging alternative finance for the purchase of a property which is already mortgaged.

Recourse Loan Program: Under the FAIR Act of 1996, recourse loans are available to producers of high moisture corn and seed cotton, dairy processors, and sugar processors. The commodity is pledged as security, but . . . View Full Definition

Real Estate Mortgage Investment Conduit (REMIC): A tax entity that issues multiple classes of investor interests (securities) backed by a pool of mortgages.

Project Loans: Usually FHA-insured and HUD-guaranteed mortgages on multiple-family housing complexes, nursing homes, hospitals, and other special development.

Project Loan Securities: Securities backed by a variety of FHA-insured loans-primarily multifamily apartment buildings, hospitals, and nursing homes.