- A mortgage made on a property in which the lender's lowest permissible down payment has been made.
utmost amount, maximum limit, apex, total financing
Related Terms and Acronyms
- High-ratio Mortgage — Definition, Important,
- A mortgage in which a borrower places a down payment of less than 20% of the purchase price.
- 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.
- Low-down Mortgages — Definition, Important,
- Mortgages with a low down payment, usually less than 10 percent.
- Low-down-payment Loan — Definition,
- A mortgage where the borrower puts down a small amount and borrows a high percentage of the purchase price.
- Upside-down — Definition,
- A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."
- Zero Down Mortgage — Definition,
- A mortgage product that allows the borrower to financing 100% of their property.