When a lenders buys a property and leases it back to the seller for an extended period of time.
A federally or state charted financial institution that take deposits from individuals, fund mortgages, and pay dividends.
A mortgage on real estate, which has already been pledged as collateral for an earlier mortgage. The second mortgage carries rights, which are subordinate to those of the first. Also called secondary financing.
The buying and selling of first mortgages or trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value ("par") or above, but are usually sold at a discount. The secondary mortgage market should not be confused with a "second mortgage."
A federal government agency.
Number of basis points over a base rate index.
A formal offer by a lender making explicit the terms under which it agrees to lend money to a borrower over a certain period of time.