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JUNIOR MORTGAGE A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first. MORTGAGE INSURANCE Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.) LESSEE The person to whom property is rented or leased; called a "tenant" in most residential leases. 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. JOINT LIABILITY Liability shared among two or more people, each of whom is liable for the full debt. |
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