A credit score is a numerical representation of an individual’s creditworthiness, based on their credit history. Credit scores are used by lenders to determine the likelihood that a borrower will repay a loan on time and are used to determine the terms of a loan, including the interest rate.

Divisible ownership refers to a type of ownership in which multiple parties own distinct and separate interests in a property. This can happen when a property is divided into multiple units, each of which is owned by a different person or entity.

A capped variable interest rate is a type of variable interest rate that has an upper limit, or cap, on the amount that the rate can increase. This can provide some protection to borrowers against sudden increases in interest rates.

A traditional lender is a financial institution that offers loans or other financial products through physical branches or offices. This can include banks, credit unions, and other financial institutions that have a physical presence in a community.

Mortgage insurance is a type of insurance that protects the lender in the event that the borrower defaults on their mortgage. It is typically required for borrowers who do not have a large down payment or who have a high debt-to-income ratio.

A down payment is the amount of money that a borrower pays upfront when purchasing a home or other property. The down payment is typically a percentage of the total purchase price and is used to reduce the amount of the mortgage required.