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Mortgage

A "mortgage" is a loan secured by specified real property, and which requires the borrower to make designated interest and principal payments. A 30 year fixed mortgage, for example, typically requires the borrower to make monthly payments of interest and principal such that the principal amount borrowed is paid off within 30 years.

 

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    Q: A clause in a loan agreement that allows a lender to declare the loan due immediately if the borrower defaults on other debt is referred to as:

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   Credit Limit

A "credit limit" is the maximum amount of money that can be borrowed under a credit card or credit agreement. For example, credit cards impose credit limits (such as $5000) for which the card can be used. Credit limits are sometimes referred to as credit lines, especially in connection with home equity loans.
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