Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - M Terms
Margin: an amount the lender
adds to an index to determine the interest rate on an adjustable
rate mortgage.
Mortgage: a lien on the
property that secures the Promise to repay a loan.
Mortgage banker: a
company that originates loans and resells them to secondary mortgage
lenders like :Fannie Mae or Freddie Mac.
Mortgage broker: a
firm that originates and processes loans for a number of lenders.
Mortgage insurance: a
policy that protects lenders against some or most of the losses
that can occur when a borrower defaults on a mortgage loan; mortgage
insurance is required primarily for borrowers with a down payment
of less than 20% of the home's purchase price.
Mortgage insurance premium (MIP): a
monthly payment -usually part of the mortgage payment - paid by
a borrower for mortgage insurance.
Mortgage Modification: a
loss mitigation option that allows a borrower to refinance and/or
extend the term of the mortgage loan and thus reduce the monthly
payments.
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