In casual use, a sum of money borrowed to purchase a home at a certain interest rate using the property as collateral. In formal use, a mortgage is the legal document that pledges property as …
Mortgage Acceleration Clause
A clause that allows a lender to demand repayment of the entire loan balance in a lump sum under certain circumstances, such as when the home is sold, title is changed, the loan is refinanced, or the …
Mortgage Banker
A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae. …
Mortgage Broker
A licensed professional who acts as an independent intermediary between borrowers and lenders in the mortgage origination process. Mortgage brokers evaluate a borrower’s financial situation (e.g., …
Mortgage Insurance
Required by lenders on some loans to protect lenders from a possible default. Most conventional loans with down payments or home equity percentages that are less than 20 percent of the home value …
Mortgage Life Insurance
A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired. …