Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 10 names in this directory beginning with the letter M.
Amount of extra interest the lender charges when an ARM begins to adjust.

The life span of a mortgage.

A loan used to finance the purchase of real property.

Mortgage Discount Points
A form of prepaid interest whereby the borrower lowers the interest rate of the mortgage upon closing.

Mortgage Insurance
Required insurance by lenders when buyers take out a mortgage. It is a monthly premium that is added to the mortgage. This protects the lender should a buyer default on their loan.

Mortgage Insurance Premium (MIP)
Required premium which is paid at closing added into an FHA loan.

Mortgage Term
The length of your mortgage.

Mortgage Underwriter
An individual who makes decisions on your mortgage by approval, suspension, or rejection.

The issuing bank or lender for the mortgage.

The borrower.