- A loan that must be repaid in full, on demand.
pay in full, reimburse, repayment, payback, settle up, return
Related Terms and Acronyms
- Delinquent Mortgage — Definition, Important,
- A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
- Loan Term — Definition,
- The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
- Loan-to-Value (LTV) — Acronym, Very Important,
➥ A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters.
- The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.