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 large development that features neighborhoods, parks and other recreation areas, schools and shopping centers. There often is an entrance, sometimes guarded and gated.
A mortgage made on a property in which the lender’s lowest permissible down payment has been made.
A legal claim against property for payment of services or goods provided by someone who performed work on the property.
A method of resolving a dispute using a neutral party (a "mediator") who actively works to resolve the differences. A mediator cannot make a binding decision, as opposed to an arbitrator, who can.
Metes and bounds
A surveyor's legal description of a parcel of land, defined by measurements and angles.
A legal agreement that uses property as collateral to secure payment of a debt. The legal agreement means that when a mortgage is on a house, the lender can take possession of the house if the borrower stops making payments.
Mortgage acceleration clause
A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing.