Real Estate Glossary

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


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. 

Mortgage Banker  
A company that originates loans and resells them to secondary mortgage lenders such as 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.