Glossary

Our Glossary provides definitions for several common terms you will likely encounter throughout the application and underwriting process.

Dexter Financial Glossary of Terms

Choose your glossary terms by clicking on the alphabetical index.

Cash Value Life Insurance

The value of a life insurance policy if the policy is redeemed for cash.
Certificate of Occupancy (CO)

A certificate issued by a local building department to a builder or renovator indicating that the premises is in a safe condition to be occupied.
Collateral

Assets that are used to secure the repayment of a financial obligation.
Commitment Letter

A letter that briefly explains the terms and conditions of a pending financial transaction.
Corporate Resolution

A document signed by the officers of a corporation that certifies that the individual signing an agreement on behalf of the corporation has the authority to enter the corporation into an agreement.
Covenants

A legal promise to do something or refrain from doing something.
Credit Bureau Report

The report generated by the credit bureau that shows a person or entity’s credit history.
Credit Worthiness

The ability of a person or entity to obtain credit.