Additional Property

Definition

• Address of real estate that a person owns that is not being financed.

Synonyms
real estate, collateral

Related Terms and Acronyms

• Junior Mortgage — Definition,
  • A loan that is subsequent to the claims of the holder of a prior (senior) mortgage.
• Loan Application — Definition,
  • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
• Second Home — Definition,
  • An additionally purchased property, often a vacation or a rental property.
• Second Mortgage — Definition, Important,
  • A mortgage which ranks after a first mortgage in priority on a registered land title.
• Subordinate Loan — Definition,
  • A mortgage whose priority is below that of another mortgage; i.e., a second or third mortgage or a home-equity loan.
• Tandem Loan — Definition,
  • When one asset, usually a house, has two loans taken out on it.