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Mortgage Indemnity Guarantee (MIG)
Mortgage Indemnity Guarantee (MIG) When you borrow over a certain amount of the property’s value, some lenders will impose a MIG charge to protect themselves should you default on payments.
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Borrow
1) To get a loan of money. 2) Sand, gravel or other material used for grading.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
Will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
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Mortage insurance premium
The payment made by a borrower to the lender for transmittal to HUD to help defray the cost of the FHA mortgage insurance program and to provide a reserve fund to protect lenders against loss in insured mortgage transactions.
Mortgage
A legal document pledging property as security for the payment of a loan.
Mortgage (open- end)
A mortgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional financing charges.
Mortgage 1 year LIBOR rate
LIBOR stands for London Interbank Offered Rate. It's the rate of interest at which banks offer to lend money to one another in the wholesale money markets in London for one year.
Mortgage 1-1 ARM
A 1-1 ARM is an adjustable-rate mortgage, or ARM, that has an initial interest rate for the first year, and thereafter has an adjustment interval of one year.
Mortgage 10-1 ARM
A 10-1 ARM is an adjustable-rate mortgage, or ARM, that has an initial interest rate for the first 10 years, and thereafter has an adjustment interval of one year.
Mortgage 10-year fixed mortgage
A 10-year fixed mortgage is a loan that has an interest rate that stays the same for the 10-year term of the loan.
Mortgage 11th District Cost of Funds
A monthly cost-of-funds index (COFI) reflecting the weighted-average interest rate paid by 11th Federal Home Loan Bank District savings institutions for savings and checking accounts.
Mortgage 12-month moving Treasury average (MTA)
An index determined by the monthly average of one-year Treasury bills. Commonly used as a benchmark for adjustable-rate mortgages.
Mortgage 15-year fixed mortgage
A 15-year fixed mortgage has an interest rate that stays the same for the 15-year life of the loan.
Mortgage 15-year fixed mortgage refinance
A 15-year fixed mortgage has an interest rate that stays the same for the 15-year life of the loan.
Mortgage 15-year jumbo mortgage
A 15-year jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac (the 2005 limit is $359,650; $539,475 in Alaska, Hawaii and the U.S. Virgin Islands).
Mortgage 203(k)
This FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.
Mortgage acceleration clause
A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing.
Mortgage banker
A company that originates loans and resells them to secondary mortgage lenders like Fannie Mae or Freddie Mac.
Mortgage broker
A firm that originates and processes loans for a number of lenders.
Mortgage Code Arbitration Scheme
An arbitration service between members of the public and lenders.
Mortgage commitment
A written commitment from the lending institution to provide a mortgage to the buyer for a specific property.
Mortgage company
A person or firm that acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans; also called a loan broker.
Mortgage constant
The ratio of an amortizing mortgage payment to the outstanding mortgage balance
Mortgage contingency
A contingency in the offer to purchase and-or the purchase and sale agreement which protects the buyers in case they are unable to get a mortgage commitment by a date specified in the contract.
Mortgage deed
The legal document proving a loan exists on a property.
Mortgage insurance
An insurance plan that protects the lender if the borrower does not repay a loan.
Mortgage insurance 203(b)
FHA program which provides mortgage insurance to protect lenders from default.
Mortgage insurance premium (MIP)
A monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.
Mortgage interest expense
A tax term for interest paid on a loan secured by your home that is fully deductible, up to certain limits, when you itemize income taxes.
Mortgage lien
A lien or charge on the property of a mortgagor that secures the underlying debt obligations.
Mortgage life and disability insurance
A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines.
Mortgage loan disclosure statement
Borrower disclosure mandated by Article 7 of the Real Estate Law.
Mortgage modification
A loss mitigation option that allows a borrower to refinance and-or extend the term of the mortgage loan and thus reduce the monthly payments.
Mortgage note
The document outlining the amount of the debt, the terms and payments, the interest rate, margins and caps for ARMs, the name of the lender and the borrower, and any other material item required by the lender.
Mortgage refinance
A refinanced mortgage is one in which a borrower pays off an old loan with a new loan.
Mortgage revenue bonds
A type of tax-exempt industrial development bond offered by state and local governments through their housing financing agencies.
Mortgage term
The period over which a mortgage must be repaid.
Mortgage types
For example, repayment or interest. Or fixed, capped, tracker, discount or stepped rate etc.
Mortgage warehousing
A funding facility, such as a commercial bank, that is used by mortgage companies to fund loans which are sold to an investor shortly thereafter. The mortgage notes are used as collateral for this interim financing.
Mortgage-backed security (MBS)
A security guaranteed by pools of mortgages and used to channel funds from securities markets to housing markets. Ginnie Mae has a popular MBS program recognized for its low risk and high yield.
Mortgage-interest deduction
Interest expense on a home loan that governments allow homeowners to subtract from their income before computing their income tax.
Mortgagee
The lender in a mortgage agreement.
Mortgagee's title insurance
An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute.
Mortgagor
The borrower in a mortgage agreement.
PREVIOUS AND NEXT TERMS--------------------------------------
Mortgage commitment
A written commitment from the lending institution to provide a mortgage to the buyer for a specific property.
Mortgage company
A person or firm that acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans; also called a loan broker.
Mortgage constant
The ratio of an amortizing mortgage payment to the outstanding mortgage balance
Mortgage contingency
A contingency in the offer to purchase and-or the purchase and sale agreement which protects the buyers in case they are unable to get a mortgage commitment by a date specified in the contract.
Mortgage deed
The legal document proving a loan exists on a property.
Mortgage Indemnity Guarantee (MIG)
Mortgage insurance
An insurance plan that protects the lender if the borrower does not repay a loan.
Mortgage insurance premium (MIP)
A monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.
Mortgage interest expense
A tax term for interest paid on a loan secured by your home that is fully deductible, up to certain limits, when you itemize income taxes.
Mortgage lien
A lien or charge on the property of a mortgagor that secures the underlying debt obligations.
Mortgage life and disability insurance
A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines.
This dictionary contains 6433 terms. |
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