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The amount a lender adds to the index on an adjustable rate
mortgage to establish the adjusted interest rate.
The highest price that a buyer would pay and the lowest price
a seller would accept on a property. Market value may be
different from the price a property could actually be sold for at
a given time.
The date on which the principal balance of a loan becomes due
MIP (Mortgage Insurance Premium)
It is insurance from FHA to the lender against incurring a
loss on account of the borrower's default.
Monthly Fixed Installment
That portion of the total monthly payment that is applied
toward principal and interest. When a mortgage negatively
amortizes, the monthly fixed installment does not include any
amount for principal reduction and doesn't cover all of the
interest. The loan balance therefore increases instead of
A legal document that pledges a property to the lender as
security for payment of a debt.
A company that originates mortgages exclusively for resale in
the secondary mortgage market.
An individual or company that charges a service fee to bring
borrowers and lenders together for the purpose of loan
Money paid to insure the mortgage when the down payment is
less than 20 percent. See private mortgage insurance, FHA
Mortgage Life Insurance
A type of term life insurance In the event that the borrower
dies while the policy is in force, the debt is automatically paid
by insurance proceeds.
The borrower or homeowner.