M thru P

The Home Buyer's Dictionary:
A Guide to Understanding the Home Buying Process.

Mortgage Broker
A broker who represents numerous lenders and helps consumers find affordable mortgages; the broker charges a fee only if the consumer finds a loan.
 
Mortgage Commitment
A formal written communication by a lender, agreeing to make a mortgage loan on a specific property, detailing the loan amount, length of time and conditions.
 
Mortgage Company
A company that borrows money from a bank, lends it to consumers to buy homes, then sells the loans to investors.
 
Mortgagee
The lender who makes a mortgage loan.
 
Mortgage Insurance
An Insurance policy the borrower buys to protect the lender from non-payment of the loan.
 
Mortgage Loan
A contract in which the borrower's property is pledged as collateral.  It is repaid in installments.  The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes, and keep the property in good condition.
 
Mortgage Origination Fee
A charge for work involved in preparing and servicing a mortgage application (usually one percent of the loan amount).
 
Negative Amortization
An increase in the outstanding amount when a monthly payment does not cover the monthly interest due.
 
Note
A formal document showing the existence of a debt and stating the terms of repayment.
 
PITI
Principal, Interest, Taxes and Insurance (the four major components of monthly housing payments).
 
Point
A one-time charge assessed by the lender at closing to increase the interest yield on a mortgage loan.  Generally, it is one percent of the mortgage amount.
 
Prepayment
Payment of a debt prior to maturity.
 
Principal
The amount borrowed, excluding interest and other charges.
 
Property Survey
A survey to determine the boundaries of your property.  The cost depends on the complexity of the survey.
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01/20/14 11:08 AM

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