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.

Word of the Week


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.