A property is "passed in" at auction if the highest bid fails to meet the reserve price set by the vendor.
Lender commits to lend to a potential borrower. Commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.
Any amount paid to reduce the principal of the loan before the due date, or any amount in addition to the minimum repayment. May be subject to a prepayment penalty.
A lender informally determines the maximum amount an individual is eligible to borrow.
A capital sum borrowed from a lender on which interest is paid (doesn't include the interest or additional fees).
Principal and Interest Loan
A loan in which both the principal and the interest are repaid during the term of the loan.
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