Business / Construction / Mortgage Loan: A contract in which the borrower's property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes and keep the property in good condition.
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Business / Agriculture / 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 rate. The MORE
Business / Finance / 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. MORE
Business / Finance / Nonpurpose Loan: A loan with securities pledged as collateral, but which is not to be used in securities trading or transactions. MORE
Business / Debt / Open End Mortgage: A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage. MORE
Business / Loan / 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. MORE