Top: Business: Finance and Insurance: Mortgages: Terminology: M



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Margin

an amount the lender adds to an index to determine the interest rate on an adjustable rate mortgage.


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Mortgage

a lien on the property that secures the Promise to repay a loan.


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Mortgage banker

: a company that originates loans and resells them to secondary mortgage lenders like :Fannie Mae or Freddie Mac.


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Mortgage broker

a firm that originates and processes loans for a number of lenders.


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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.


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Mortgage insurance premium

(MIP) - a monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.


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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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