- Address of real estate that a person owns that is not being financed.
collateral, real estate
Related Terms and Acronyms
- Junior Mortgage — Definition,
- A loan that is subsequent to the claims of the holder of a prior (senior) mortgage.
- Loan Application — Definition,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Second Home — Definition,
- An additionally purchased property, often a vacation or a rental property.
- Second Mortgage — Definition, Important,
- A mortgage which ranks after a first mortgage in priority on a registered land title.
- Subordinate Loan — Definition,
- A mortgage whose priority is below that of another mortgage; i.e., a second or third mortgage or a home-equity loan.
- Tandem Loan — Definition,
- When one asset, usually a house, has two loans taken out on it.