Mortgage Glossary

a short-term high-risk loan that leaves the borrower with a potentially high loan balance at the end of the loan term.

the individual or individuals extended a loan and mortgage for the purchase of a house and/or property. Borrower is responsible for making all payments and fees associated with the loan over the life of the loan. Legalmortgagor.

a short-term loan used to quickly effect a sale while pending more conventional real estate financing. While not popular, a bridge loan can be useful particularly for certain commercial real estate deals.

a situation in which a seller or lender kicks in a sum of money in order to lower the initial interest rate on a home loan to make a sale more appealing for the buyer.

real estate agent that works on behalf of the homebuyer.