by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage Insurance Premium (MIP) The 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. Real estate words and definition CLICK THIS...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage Insurance (MI) Insurance that protects lenders against losses caused by a borrower’s default on a mortgage loan. MI typically is required if the borrower’s down payment is less than 20 percent of the purchase price. Real estate words and definition...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage Broker An individual or firm that brings borrowers and lenders together for the purpose of loan origination. A mortgage broker typically takes loan applications and may process loans. A mortgage broker also may close the loan. Real estate words and...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage A loan using your home as collateral. In some states the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your...
by Myers Jackson | Dec 31, 2024 | Auction News
Money Market Account A type of investment in which funds are invested in short-term securities. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions, and...
by Myers Jackson | Dec 31, 2024 | Auction News
Modification Any change to the terms of a mortgage loan, including changes to the interest rate, loan balance, or loan term. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For...
