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UNDERWRITING In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan. PROMISSORY NOTE An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time. MARKET VALUE The highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used. SALES AGREEMENT Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. IMPOUND ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.) |
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