Definition: The word "mortgage" refers to a type of financial instrument in which an individual borrows money from the bank or other lender, with the agreement that they will repay the loan at some future date in exchange for repayment of principal and interest. This type of financing is often used when an individual wants to purchase a house or other property, but does not have enough savings or collateral to cover the full cost. The term "85 ltv" refers to the ratio of the total amount of money borrowed (in this case, the principal loan amount) to the estimated value of the property being financed. The higher the LTV is, the more risky the borrowing is and the more likely it is that a lender will require the borrower to pay back part or all of the loan with interest. It's worth noting that the exact meaning and definition of "mortgage" can vary depending on the specific context in which it appears.
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