Please Define the Following Key Terms

question 26

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Banalities

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Definitions:

Prepayment Penalty Clause

A provision in a mortgage loan contract that requires the borrower to pay a penalty if the mortgage is repaid in full within a certain period.

Lender

An individual or institution that provides funds to another with the expectation that the funds will be repaid, typically with interest.

Mechanic's Lien

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.

Sale Proceeds

The total amount received from the sale of an asset or property.