Construction Loan A short term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses. | |
Conventional Mortgage A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed). | |
Good Faith Estimate A document delivered with Truth-In-Lending Disclosure Statement to borrower as an estimate comprising, closing costs, interest rate, term, loan amount, and monthly payment, within 3 days of receiving borrowers mortgage application per the Real Estate Settlement Procedures Act (RESPA). | |
Second Mortgage A mortgage made subsequent to another and subordinate to the first one. | |