Related Words

Loan Constant: The annual payment required per dollar of a mortgage loan, including principal and interest.

Nonrecourse Loan: A loan taken by limited partners used to finance their portion of the partnership, which is secured by their ownership in the venture.

Nonrecourse Loans: Farmers or processors participating in government commodity programs may pledge certain stored commodities as collateral and obtain a loan from the CCC at a commodity-specific, per-unit loan . . . View Full Definition

Open-End Loan: A loan that permits the borrower to draw money from time to time up to a credit limit. A home equity line of credit (HELOC) is an open-end loan secured by a home.

Package Loan: A real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings and major appliances.

Nonpurpose Loan: A loan with securities pledged as collateral, but which is not to be used in securities trading or transactions.

Nonproductive Loan: A loan that increases spending power, but is used in business that does not directly increase the economy's output, such as a leveraged buyout loan.

Multifamily Loans: Loans usually represented by conventional mortgages on multifamily rental apartments.

No Loan, No Commission: A listing agreement requiring that escrow be closed and title transferred before an agent is entitled to a commission.

Non-Conforming Loan: A mortgage loan that does not meet Fannie Mae and Freddie Mac underwriting guidelines. Non-conforming loans are available as both fixed and adjustable rate mortgages.