Type 'A' Property
- Used for classifying property during the mortgage origination process, type 'a' properties must be used as residential and must have central heating and year-round road access.
Related Terms and Acronyms
- Loan Origination — Definition,
- The process of applying for a loan and the handling of that application by a lender.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Application — Definition, Very Important,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Refinance — Definition,
- To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
- Second Home — Definition,
- An additionally purchased property, often a vacation or a rental property.
- Second Home Mortgage — Definition, Important,
- A mortgage used purchase property, often a vacation or a rental property.
- Type 'B' Property — Definition,
- Property that may not be centrally heated or may only be seasonally accessible.