A residential mortgage on a dwelling that is designed to house more than four families, such as an apartment complex.
The person who receives funds from a lender in exchange for a security interest in the property. Commonly known as the borrower.
The person or company who provides the loan funds to the borrower.
A tax charged by some state or local governments that is paid to the state when a mortgage is obtained. For our comparison purposes, the mortgage tax is considered to be a tax and other unavoidable fee.
Mortgage Registration Fee
A fee or tax charged by some state and local governments when a mortgage is obtained. For our comparison purposes, the mortgage registration fee is considered to be a tax and other unavoidable fee.
Mortgage Life Insurance
A type of term life insurance often bought by mortgagors. In the event that the borrower dies while the policy is in force, the debt is automatically repaid by insurance proceeds. Not to be confused with mortgage insurance.
Mortgage Insurance Premium (MIP)
Amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company
Insurance provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults. The borrower usually pays the cost of the insurance and is most often required if the loan amount is more than 80% of the home's value. Sometimes referred to as private mortgage insurance.
A company that originates mortgages for resale in the secondary mortgage market.
The legal document used by a borrower to pledge their property as security in order to obtain a loan. In some areas of the country, the mortgage is called a "deed of trust".
The monthly payment required to pay back your equity loan is calculated in accordance with the program you selected. In the case of the 15 year fixed rate or balloon loan, the monthly payment will not change during the term of the loan. If you choose our equity line of credit, the monthly payment is calculated based on the balance due.
Money Market Fund
A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and United States Treasury bills.
Money Market Account
A type of savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions may apply to the withdrawal of funds.
Actions by the Federal Reserve System to influence the cost and availability of credit, with the goals of promoting economic growth, full employment, price stability and balanced trade with other countries.
Merged Credit Report
A credit report that contains information from at least three credit repositories. Any duplicate entries are combined to provide a concise summary of a your credit.
Usually, a loan amount that is within 5 percent of the highest loan-to-value (LTV) percentage allowed for a specific product.
The date on which the principal balance of a financial instrument becomes due and payable.
A homeowners' association sometimes formed in a large condominium project or planned unit development (PUD) that is made up of representatives from associations covering specific areas within the project.
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period.
A tax charged by some state or local governments at the time of transfer of real estate title from one owner to another particularly for high valued properties. For our comparison purposes, this fee is considered to be a tax or other unavoidable fee.
The fee charged for professional property management. Usually set at a fixed percentage of total rental income generated by the managed property.
Activities required to compensate for wear and tear on a property.
Modified Accelerated Cost Recovery System.