Resources > Glossary > Credit

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Credit

Phonetics: cred·it    \'kre-dit\

Function: noun

Definition 1:
An agreement where a borrower receives something of value in exchange for a promise to repay the lender at a later date

Definition 2:
The provision of resources by one party to another party where the second party does not reimburse the first party until a later date.