Bottomry, also known as a bottomry bond, is a contract where a shipowner provides his or her ship as security for a loan to finance a voyage or for a certain period of time. The shipowner usually uses the loan for maritime (i.e. sea-related)...
mortgages
broker
A broker is a person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on behalf of a...
cap
A cap is a set limit on some form of income, interest, fees, loan, or benefit. Examples of caps:
A loan can have varying interest rates based on the market, but the loan can have a maximum or cap rate of interest. Businesses can set a...collateral
Collateral is an item of value, such as property or assets, that is pledged by an individual (borrower) in order to guaranty a loan. Upon default, the collateral becomes subject to seizure by the lender and may be sold to satisfy the debt....
color of title
Color of title refers to a document or other instrument that appears to be a legitimate claim of title to a piece of land, but due to a title defect, cannot transfer or convey ownership. In other words, a person has "color of title" to a...
conforming loan
A conforming loan is a mortgage that is below the conforming loan limit established by the Federal Housing Finance Agency (FHFA) and abides by other restrictions of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal...
construction lien
A construction lien, also known as a mechanic’s lien, laborer’s lien, or artisan’s lien, is a type of lien that gives contractors a security interest in property until they have been paid for their work on that property.
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contingent
Contingent means that an event may or may not occur in the future, depending on the fulfillment of some condition that is uncertain. This term is often used in contracts where the event will not take effect until the specified condition...
cosign
When a person cosigns, they sign a document with the primary borrower, agreeing to share the responsibility of a financial obligation. Should the primary borrower not be able to pay for the good, the cosigner will be responsible for paying...
cosigner
A cosigner is someone who signs a loan with another person (borrower) and agrees to pay the loan if the borrower is not able to repay it. In other words, a cosigner accepts an equal responsibility for repaying the loan.
As...