- A sum paid by a borrower to a lender in exchange for a promise to lend money on certain terms for a specified period.
solidify obligation, assurance fee, deposit
Related Terms and Acronyms
- Commitment — Definition,
- A written agreement from a lender promising to lend money on certain terms for a specified time period.
- Finance Charge — Definition,
- Charges that include all of the interest expected to be earned over the life of a loan, in addition to the service charges, mortgage insurance premiums, and other loan-related charges.