What does Advance mean?

In order to be able to contract a mortgage there is a series of qualifications one must meet. But once the process of valuation is over, and the lender finds it that you qualify, he will lend you the necessary amount of money which is actually called the “advance”. It is very important for the borrower to be aware of the certain taxes and interests applied to the amount lent. Special attention is needed for the accruing interest on money sent by checks, transfers or banker’s drafts.