Mortgage

Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Industry: Banking; Real estate

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Mortgage

Manufactured housing

Banking; Mortgage

A house built entirely in a factory, transported to a site and installed there.

Maximum loan amount

Banking; Mortgage

The largest loan size permitted on a particular loan program.

Maturity

Banking; Mortgage

The termination or due date by which a loan's final payment must be paid in full.

Payments made by service providers to other parties as quid pro quo for referring customers. For example, a title company provides something of value to a Realtor or lender for sending a customer who ...

Refinance

Banking; Mortgage

Paying off an old loan while simultaneously taking a new one. This may be done to reduce borrowing costs under conditions where the borrower can obtain a new loan at an interest rate below the rate ...

Second mortgage

Banking; Mortgage

A loan with a second-priority claim against a property in the event that the borrower defaults. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is ...

Scheduled mortgage payment

Banking; Mortgage

The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract.