Glossary

Lagos state home ownership scheme that affords first time home buyers who are resident in Lagos State the opportunity to own their homes.
The penalty charged to the borrower when a payment is made past the due date and any allowable grace period
A written agreement between a property owner and a tenant that stipulates the conditions under which the tenant may use the estate property for a specified period of time and the amount of rent to be paid.
A business entity making a loan.
A person's debts or financial obligations. Liabilities include long-term and short-term debt, as well as potential losses from legal claims.
A legal claim of a creditor on the property of another as security for a debt that must be paid off when the property is sold.
An individual or entity that has legal rights to enforce a lien placed on real property.
A cash asset or an asset that is easily converted into cash.
To sell assets for the purpose of accumulating cash.
The asking price of the home.
A sum of borrowed money (principal) that is generally repaid over time with interest.
The original amount of debt (borrowed money), not including interest.
The process of providing financial and other information (such as employment history and proposed collateral) by a prospective borrower in conjunction with a request for credit.
A formal notification from a lender stating that the borrower's loan has been conditionally approved and specifying the terms under which the lender agrees to make the loan.
Changes to one or more of the terms of a loan.
The process by which a mortgage lender makes a home loan and records a mortgage against the borrower's real property as security for repayment of the loan.
The period of time during which a loan must be repaid. For example, a 30-year fixed-rate mortgage loan has a term of 30 years. Also called term. See the related term maturity date.
The ratio between the unpaid principal amount of a loan, or credit limit in the case of a line of credit, and the appraised value of the collateral. Expressed as a percentage. For example, if you have an N70,000 first mortgage on a home with an appraised value of N100,000, the LTV is 70% (N70,000 / N100,000 = 70%).
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