Conventional Loan Financial Glossary
What is it? A mortgage not insured by FHA or guaranteed by the VA.Finance Term Definition Added By: Devin
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Other Similar Finance Terms:
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 Unsecured Loan is A loan based on your promise to pay without savings or other collateral as a guarantee; sometimes called a signature loan.
Financial Term Mortgage Insurance Premium (MIP) is A monthly payment, usually part of the mortgage payment paid by a borrower for mortgage insurance.
Financial Term Actual Cash Value Coverage is Homeowners insurance that pays only the current, depreciated value of furniture and other household possessions when they are damaged or destroyed. Provides less protection than replacement-cost coverage.
Financial Term Comitology is Under the Treaty establishing the European Community, it is for the Commission to implement legislation at Community level (Article 202 of the EC Treaty, ex-Article 145). In practice, each legislative instrument specifies the scope of the implementing powers granted to the Commission and how the Commission is to use them. Frequently, the instrument will also make provision for the Commission to be assisted by a committee in accordance with a procedure known as comitology.