an amount the lender adds to an index to determine the
interest rate on an adjustable rate mortgage.
a lien on the property that secures the Promise to repay a loan.
banker: a company that originates loans and resells them to
secondary mortgage lenders like :Fannie Mae or Freddie Mac.
broker: a firm that originates and processes loans for a number
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.
insurance premium (MIP): a monthly payment -usually part of
the mortgage payment - paid by a borrower for mortgage insurance.
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.
Click here to learn more about mortgage rates in your state: Mortgage Rates