Word of the Week:


Obligatory Advances:

Disbursments of construction loan funds that the lender is

 obligated to make (by prior agreement with the borrower)

when the borrower has completed certain phases of construction.

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Word of the Week


 Term:

A prescribed period of time; especially,

the length of time a borrower has to pay off a loan,

or the duration of a lease.

Word of the Week


 Power of Sale Clause:

A clause in a mortgage giving the lender the right to foreclose

 nonjudicially (sell the security property without a court action) if

borrower defaults.