Type 'B' Property
Definition
- Used for classifying property during the mortgage origination process, type 'b' properties are often bought as vacation homes. Central heating is not required for type 'b' properties nor is year-round road access.
Alternate Spellings
vacation home, seasonal home
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 'A' Property — Definition,
- Residential property that is centrally heated and accessible year-round.
