Mortgage Glossary 'M'

Margin to Mortgage Modification
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Margin to Mortgage Modification – Glossary of Mortgage Terms

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A B C D E F G H I J L M O P R S T U V
  • 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.

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