Glossary

Equity – this is the difference when the property's market value is deducted against the debt obligation against it. When it comes to new mortgages, the amount paid as a down payment is the equity.

Real Estate – is a term in the legal word which includes land including what is in the land, like buildings.

Mortgage – this is a device wherein the ownership of a real estate is transferred from an individual to another individual in exchange for a loan. This is used by individuals or companies who wish to buy properties without having to provide the full amount upfront.

Mortgagor – person applying for the equity loans

Mortgagee – the equity loans provider

Lien – this is a charge against a real estate property that gives security to the payment of a loan

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