Legal
Covenant
A promise or agreement in a mortgage contract
Full Definition
Covenant: A promise or agreement in a mortgage contract. Understanding this concept is important when navigating the mortgage process. NMHL loan officers can explain how covenant applies to your specific mortgage situation.
Why It Matters
Understanding covenant helps you make informed decisions about your mortgage. This knowledge can save you money and help you avoid common pitfalls in the homebuying process.
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Frequently Asked Questions
Covenant refers to a promise or agreement in a mortgage contract. This is an important concept in mortgage lending that affects how your loan works.
Understanding covenant can help you make better decisions about your mortgage. Contact NMHL for personalized guidance on how this applies to your situation.
Ready to Put This Knowledge to Work?
Connect with an NMHL mortgage expert who can help you navigate the mortgage process.