Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
A fee imposed on a borrower for not paying on time.
A deficiency in a piece of property that can’t be seen easily, such as termite damage or the presence of dangerous levels of radon.
A sum a borrower sends to a lender that is received past the date when it was due.
A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period.
A problem with a property, such as a lien on the title or a zoning violation.
A way of identifying a piece of property in writing that is accceptable to a court.
Letter of intent
A formal notification that a buyer intends to buy property. It is not legally enforceable.
The use of a small amount of cash and a large loan to buy something.
A limit on how much a borrower’s percentage rate can increase or decrease over the term of the loan.