# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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 ot 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 |
