Mortgage glossary

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Underwriter: a person employed by a lending company who evaluates a borrower's loan application and all of the paperwork involved to determine if the borrower can receive the loan or not.

Underwriting: the process of evaluating a loan application to determine the risk involved for the lender. It involves an analysis of the borrower's ability and willingness to repay the debt and the value of the property.

Unencumbered: where the property is owned outright and no mortgages or loans are secured against it.