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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 For other...

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 For...

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...

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...

Money Market Account A type of investment in which funds are invested in short-term securities.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

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 For other words and definitions related to real estate auctions For all active auctions, and properties...

Merged Credit Report A credit report issued by a credit reporting company that combines information from two or three major credit bureaus.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...

Maturity Date The date on which a mortgage loan is scheduled to be paid in full, as stated in the note.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Market Value The current value of your home based on what a purchaser would pay. An appraisal is sometimes used to determine market value.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...

Margin A percentage added to the index for an adjustable-rate mortgage (ARM) to establish the interest rate on each adjustment date.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Manufactured Housing Homes that are built entirely in a factory in accordance with a federal building code administered by the U.S. Department of Housing and Urban Development (HUD). Manufactured homes may be singleor multi-section and are transported from the factory...

Low-Down-Payment Feature A feature of some mortgages, usually fixed-rate mortgages, that helps you buy a home with a low down payment.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Lock-In Rate A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Loan-To-Value (LTV) Ratio The relationship between the loan amount and the value of the property (the lower of appraised value or sales price), expressed as a percentage of the property’s value. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80...

Closing COSTS The upfront fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third party, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee,...

Loan Origination Fees Fees paid to your mortgage lender or broker for processing the mortgage application. This fee is usually in the form of points. One point equals one percent of the mortgage amount.  Real estate words and definition For other words and...

Loan Origination The process by which a loan is made, which may include taking a loan application, processing and underwriting the application, and closing the loan.  Real estate words and definition For other words and definitions related to real estate auctions...

Liquid Asset A cash asset or an asset that is easily converted into cash.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Closing Agent The person or entity that coordinates the various closing activities, including the preparation and recordation of closing documents and the disbursement of funds. (May be referred to as an escrow agent or settlement agent in some jurisdictions.)...

Lifetime Cap For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate or monthly payment can increase or decrease over the life of the loan.  Real estate words and definition For other words and definitions related to real estate...