Definition
Mechanic’s Lien
A claim recorded by a contractor or supplier for unpaid work on a property. It can attach even if a previous owner incurred the debt.
Nearby terms
Lock Period
The number of days a quoted rate is guaranteed, commonly 30, 45 or 60 days.
Margin
The fixed percentage added to an ARM's index to produce the fully indexed rate.
Mortgage
The security instrument pledging property as collateral for a loan.
Mortgage Insurance Premium
Insurance on FHA loans, charged both upfront and annually, and permanent on most current loans with less than 10% down.
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