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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
M
- Mandatory Disclosures
- See Disclosures
- Manufactured Housing
- House that has been built in a factory and has been placed upon a permanent foundation or has been moved to a temporary location. In terms of a mortgage loan, there are usually specific requirements regarding loans for manufactured houses.
- Margin
- Percentage amount a lender adds to the index to arrive at their final interest rate.
- Market Niche
- In terms of a mortgage loan, it is a set of borrower characteristics that a lender specializes their lending towards.
- Market Value
- Price that has been determined by an unpressured buyer and seller based on the current facts for a property.
- Maturity
- In terms of a mortgage loan, it is the date that the total principal balance of the loan becomes due.
RELATED MORTGAGE TERMS: Balance
- Maximum Cash Out
- In terms of a mortgage loan, it is the maximum amount of cash that a lender will give to a borrower against the equity of their property.
- Maximum Loan Amount
- Maximum amount a lender will loan that is based on criteria that a borrower meets for the loan to be sold on the secondary market.
- Maximum Loan to Value Ratio
- Maximum amount expressed as a percentage of a property's value that a lender will give to a borrower.
RELATED MORTGAGE TERMS: Loan to Value (LTV)|Maximum Loan Amount
- Maximum Mortgage Lates
- Maximum number of mortgage lates a lender will accept to qualify a borrower for a specific mortgage loan program.
RELATED MORTGAGE TERMS: Mortgage Late
- Minimum Down Payment
- In terms of a mortgage loan, it is the minimum cash amount necessary to purchase a property that will be financed by a mortgage lender.
- Mobile Home
- Large trailer with the ability to connect to utilities that may be used as a residence.
RELATED MORTGAGE TERMS: Manufactured Housing
- Monthly Housing Expense
- In terms of a mortgage loan, it is the sum of monthly mortgage payments, homeowners insurance, homeowner association dues, and taxes.
RELATED MORTGAGE TERMS: Total Housing Expense
- Monthly Total Expenses
- The total of all expenses that are due monthly including the monthly housing expense, all utilites, and all other liabilities that require payment.
- Mortgage
- The legal agreement that places a lien on a property in exchange for borrowing money to pay for that property from a lender.
MORTGAGE LOAN EXAMPLES: Mortgage Loan
- Mortgage Auction Site
- Mortgage loan website that takes your information and "auctions" it to several different lenders. Loan4Loan does not auction your information, instead we match it with the lender that best suits your needs.
MORTGAGE LOAN EXAMPLES: Mortgage Loan Auction
- Mortgage Bank
- Bank that lends money directly to its borrowers for a mortgage loan. Benefits of working with a mortgage bank include lower interest rates, but there is downside which includes a lack for variety of loan programs to choose from.
RELATED MORTGAGE TERMS: Lender
MORTGAGE LOAN EXAMPLES: Mortgage Loan Bank
- Mortgage Banker
- Individual working for a mortgage company that originates mortgage loans and sells them on the secondary market.
RELATED MORTGAGE TERMS: Loan Origination
- Mortgage Broker
- Individual who finds an appropiate mortgage loan program for their clients and earns an income through the closing costs for the loans they sell. Mortgage brokers search through loan programs offered by various banks and lenders. Working with a mortgage broker may have equal benefits to working with a lender or bank directly.
RELATED MORTGAGE TERMS: Lender|Mortgage Bank
MORTGAGE LOAN EXAMPLES: Mortgage Loan Broker
- Mortgage Calculator
- Tool used by both mortgage industry professionals and consumers to calculate components of a mortgage loan such as monthly payment, annual interest paid, and interest rate.
MORTGAGE LOAN EXAMPLES: Mortgage Calculator
- Mortgage Company
- Company doing business dealing with mortgage loans.
- Mortgage Formulas
- Mathematic equations for determining components of a mortgage loan such as monthly payment, annual percentage rate, and loan balance.
- Mortgage Insurance
- Insurance policy used to secure a lender against default by a borrower. Also known as private mortgage insurance (PMI), such insurance premiums are usually paid by the borrower.
SIMILAR MORTGAGE TERMS: Private Mortgage Insurance (PMI)
- Mortgage Late
- Deliquency by a borrower to pay the monthly payment of a mortgage loan on time. Lenders vary in their methods for determining a mortgage late, but commonly a mortgage late is determined in 30 day increments. A borrower that has been late for 30 days twice in a six month period may be said to have a "2x30".
RELATED MORTGAGE TERMS: Mortgage Rating
MORTGAGE LOAN EXAMPLES: Mortgage Late
- Mortgage Lender
- See Lender
- Mortgage Life Insurance
- Insurance policy that pays off a mortgage loan in the event of the borrower's death.
- Mortgage Loan
- Loan that is secured by the title to a property. The accepted appraised value for the property typically determines the maximum loan amount for a borrower. A combination of borrower qualifications and property specifications mostly determines the specialized loan program that a borrower is ultimately approved for.
MORTGAGE LOAN EXAMPLES: Mortgage Loan
- Mortgage Loan Agreement
- Contract between a mortgage lender and a loan borrower that states the terms and condition for the approved mortgage loan.
- Mortgage Loan Application
- See Uniform Residental Loan Application (1003)
- Mortgage Payment
- Payment towards recurring debts for loans issued against the title of a property.
- Mortgage Price
- Cost paid to a lender or bank by an individual for borrowing money that is secured by a property.
- Mortgage Program
- See Loan Program
- Mortgage Rating
- Rating given to a borrower based on the number of mortgage lates they have had over a specific period of time. Used as one facet for determining an individual's interest rate, many lenders use one year of mortgage payment history to rate a borrower. An example for this type of rating would be a "B rating" for a borrower that has a 1x60 (one payment deliquency that had not been paid for 60 days).
RELATED MORTGAGE TERMS: Mortgage Late
- Mortgage Refinance
- See Refinance
- Mortgage Scam
- Tactic used to decieve a borrower into believing that a mortgage loan will benefit them when it actually will create a worse financial situation for them.
- Mortgage Shopper
- Individual that uses their time to apply with various lenders and banks with hopes of finding the best and most beneficial loan program. Loan4loanreg takes the headache out of shopping for a mortgage loan by providing a service to its clients that finds the best and most beneficial loan programs that are offered by various banks and lenders nationwide!
- Mortgagee
- Individual or company that issues a loan for the purchase of a property, and uses that property as security for repayment.
- Mortgagor
- Individual or individuals that borrow money for the purchase of a property, and use that property to secure repayment of the loan.
- Multi Family Housing
- Building with more than one unit for families to reside in such as an apartment or condominium complex.
MORTGAGE LOAN COLLECTION
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