House - Law Dictionary Search Results
mortgage qualifying ratio
individual traditionally may be able to afford. A typical mortgage qualifying ratio is 28 Source: U.S. Department of Housing and Urban Development
mortgage note
by a mortgage that is recorded in the public records along with the deed. Source: U.S. Department of Housing and Urban Development
mortgage modification
and/or extend the term of the mortgage loan and thus reduce the monthly payments. Source: U.S. Department of Housing and Urban Development
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mortgage life and disability insurance
different terms of coverage determining amounts of payments and when payments begin and end. Source: U.S. Department of Housing and Urban Development
mortgage interest deduction
is a tax - deductible expense. The interest reduces the taxable income of taxpayers. Source: U.S. Department of Housing and Urban Development
mortgage insurance premium (mip)
-usually part of the mortgage payment - paid by a borrower for mortgage insurance. Source: U.S. Department of Housing and Urban Development
mortgage broker
mortgage broker a firm that originates and processes loans for a number of lenders. Source: U.S. Department of Housing and Urban Development
mortgage banker
loans and resells them to secondary mortgage lenders like Fannie Mae or Freddie Mac. Source: U.S. Department of Housing and Urban Development
mortgage acceleration clause
is changed, the loan is refinanced or the borrower defaults on a scheduled payment. Source: U.S. Department of Housing and Urban Development
modification
a lender agrees to modify the terms of a mortgage without refinancing the loan. Source: U.S. Department of Housing and Urban Development
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