Corporate mortgage or commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage
COT – Commission on turnover – a fee that is charged to the customer based on the amount of withdrawals.
Deed of Conveyance– is a signed legal document that shows a title or deed has been transferred. It is used to prove ownership in a piece of property.
Deed of Mortgage – A legal document that gives a mortgage lender a lien or security interest in a piece of mortgaged property.
Deed of property – Property Deeds, on the other hand, are actually the legal documents that transfer title from one person to another. It must be a written document.
Dilapidate – A building or object in a state of disrepair or ruin as a result of age or neglect.
Eligibility – A criterion that has been standardized by lenders to evaluate willingness and ability of a customer to qualify for a loan.
Encumbrance – An encumbrance (also spelled incumbrance) is any right or interest that exists in someone other than the owner of an estate and that restricts or impairs the transfer of the estate or lowers its value.
Equity – down payment / borrowers contribution to purchase of a property.
Equity Release – this a means of retaining use of your house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house. The “catch” is that the income-provider must be repaid at a later stage.
Facility – A credit facility is a loan taken on by a business or corporation, which might take the form of revolving credit, a letter of credit, a short or long-term loan, or a retail credit card to meets its financial needs
Land Registrar – Land registration generally describes systems by which matters concerning ownership, possession or other rights in land can be recorded (usually with a government agency or department) to provide evidence of title, facilitate transactions and to prevent unlawful disposal
Legal Document– A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged.
Mortgage – a legal agreement by which a bank, lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt
Mortgagee – the person or business making a loan that is secured by the real property.
Mortgagor – person who borrows money by mortgaging his or her property to the lender as security
National Housing Fund(NHF) – National Housing fund (NHF) is a Federal Government introduced scheme, to which all public servants and employees in the organized private sector within the country are expected to contribute 2.5% of their monthly salary to Federal Mortgage Bank of Nigeria, managers of the fund. Employees of various corporations who are active contributors to the scheme, can access mortgage (NHF Loans)
NMRC – Nigeria Mortgage Refinance Company – a mortgage refinancing company
Personal mortgage – Mortgages made to individual for purchase of residential home.
Premiums – Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy.
Real Estate – Real estate refers to land, as well as any physical property or improvements affixed to the land, including houses, buildings, landscaping, fencing, wells, etc
Repayment Terms– A repayment is the act of paying back money previously borrowed from a lender. Repayment usually takes the form of periodic payments that normally include part principal plus interest in each payment
Retail mortgage – Mortgage offered to individuals for purchase of residential home.
Security – this is an assets (property) a borrower pledges as collateral for the loan
Tentative – not certain or fixed; provisional
Tenure/ Tenor – Period from the date of disbursement of loan to the date of the last EMI payment or the date of closure of loan.
Vendor – the vendor is the name given to the seller of the property
Wholesale Mortgage– purchasing of loans originated by other. It can also be referred to as batched loan refinancing