Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.
Our mortgage glossary will help you to speak to mortgage professionals with confidence.
There are 12 names in this directory beginning with the letter M.
The cost of the upkeep of the house. These costs may be minor in cost and nature (replacing washers in the faucets) or major in cost and nature (new heating system or a new roof) and can apply to either the interior or exterior of the house.
The amount a lender adds to the index on an adjustable rate mortgageto establish the final interest rate.
The price a property can realistically sell for, based upon comparable selling prices of other properties in the same area.
A change in the terms of the mortgage note, such as a reduction in the interest rate or change in maturity date.
A mortgage is the lien on a property that allows the lender to collect payments on the loan and to foreclose if the loan obligations are not met. The property acts as collateral for the loan.
A lender that originates, closes, services and sells mortgage loans to the secondary market.
An intermediary between a borrower and a lender. A broker's expertise is to help borrowers find financing that they might not otherwise find themselves.
Money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment.
Interest rate charge for borrowing the money for the mortgage. It is a used to calculate the interest payment on the mortgage each month.
The length of time that a mortgage is scheduled to exist. Example