Margin - An amount the lender adds to an index to determine the interest rate on an adjustable rate mortgage.
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 like :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.
The Realty Group LLC, 11161 S.E. Vista View Lane, Clackamas, OR 97015 Phone: 503-698-7330 (OR) Fax: 503-698-4840 Mobile: 503-680-7475 Email: Send an Email
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