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 written agreement between buyer and seller that details price and other terms and conditions of sale.
A transaction in which the seller transfers the deed to the buyer, then rents the property from the new owner.
Structural plans for a building’s mechanical systems, such as its plumbing and electrical functions.
A loan using a home's equity as collateral and which is subordinate to the original mortgage (i.e., the first mortgage has priority before all others). Also see home equity.
Secondary mortgage market
The trade in home loans that are bundled together and sold as securities to investors. It frees money so more people can get mortgages.
Property designated as collateral.
One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
A form of financing in which the seller of a property accepts a down payment and agrees to accept payments until the property is paid for.
More commonly called seller carryback: A form of financing in which the seller of a property accepts a down payment and agrees to accept payments until the property is paid for.