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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- Secured debt
Debt secured by a claim on the borrower's property. Car loans and mortgages are common types of secured debt. Lenders are willing to offer money at lesser rates with secured debt, because they have an asset they can seize if the borrower doesn't pay as agreed.
- Simple interest
Interest computed only on the principal balance, without compounding.
- Subprime borrower
A borrower with a substantially flawed credit record.
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| National
mortgage rates |
| 11/21/2009 5:00:58 AM
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