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ACCRUED That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses. CONVENTIONAL LOAN Loans that are not made under any government housing program; they are not subject to the restrictions of government housing programs, such as loan size limits. MORTGAGEE The lender in a mortgage loan transaction. NON-ASSUMPTION CLAUSE A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender. LANDLOCKED Real property having no access to a public road or way. LEVERAGE The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing. |
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