Home Ownership Financial Glossary
What is it? The state of living in a structure that one owns.Finance Term Definition Added By: Kevin
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Other Similar Finance Terms:
Financial Term Execution Only is Where a customer buys a financial product without the organisation (usually a bank or building society) who is selling the product giving advice or help on whether or not it is actually suitable for the customers needs.Financial Term Contract is A legally enforceable agreement between two parties
Financial Term Equity is In terms of real property, equity is the difference between the outstanding balance on all the loans secured by the property and the propertys fair market value (appraised value).
Financial Term Grace Period is (1) A period of time during which a depositor can withdraw funds from a certificate without being penalized. (2) A period of time during which a loan payment may be paid after its due date during which no late charge or other penalty is assessed. Such late payments may be reported on your credit report.
Financial Term Assumption of Mortgage is An agreement by someone other than the original borrower to assume the obligations of a mortgage loan (see Mortgage, Lien).