Type 'A' Property

Definition

  • Used for classifying property during the mortgage origination process, type 'a' properties must be used as residential and must have central heating and year-round road access.

Alternate Spellings
residential property

Related Terms and Acronyms

  • Loan Origination Definition,
    • The process of applying for a loan and the handling of that application by a lender.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Mortgage Application Definition, Very Important,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Refinance Definition,
    • To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
  • Second Home Definition,
    • An additionally purchased property, often a vacation or a rental property.
  • Second Home Mortgage Definition, Important,
    • A mortgage used purchase property, often a vacation or a rental property.
  • Type 'B' Property Definition,
    • Property that may not be centrally heated or may only be seasonally accessible.
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