In the context of real estate, 'commitment' refers to a pledge or promise, particularly regarding financial arrangements or agreements, such as a firm's agreement to provide a loan or mortgage to a borrower, thus ensuring the progress and completion of a transaction.
A Conventional loan is a type of mortgage that is not guaranteed or insured by any government agency. They typically require higher credit scores and a higher down payment than government-backed loans.
Conversion in real estate refers to various forms of changing the use, ownership, or financing structure of a property. This can include transforming rental apartments into condominiums, involuntary taking of property, changing the ownership structure of financial institutions, or altering the terms of a mortgage.
A permanent mortgage is a long-term financing option, typically over 10 years, used to finance the purchase or sustainment of a real estate property. It becomes fully amortized over time and is often used in conjunction with construction loans.
A Savings and Loan Association (S&L) or thrift is a financial institution that focuses on accepting deposits from members and providing home mortgage loans.
