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Mortgage Glossary

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There are 8 terms in this glossary beginning with the letter M.
Maturity
typically applied to the term of a home loan or mortgage; the life span of a mortgage; for example, a 15-year loan matures in 15 years, the period of time in which the debt must be paid off.

Mortgage
a legal document between a mortgagor and a mortgagee that establishes a home and/or property as security for a home loan.

Mortgage broker
the entity that acts as a go-between between a homebuyer and mortgage lender, handling paperwork and finally effecting a mortgage. A broker does not make direct loans to buyers, but works to find the best deal and finally collects fees as part of the mortgage process.

Mortgage calculators
online financial tools available on many sites that allow potential buyers to plug in various personal financial figures to arrive at a mortgage value they can afford.

Mortgage company
could be either a brokerage business or a direct lender.

Mortgage insurance
when buyers take out a mortgage with less than a certain dollar percentage to put down on the loan, lenders require them to pay mortgage insurance, a monthly premium that is added to the mortgage. This protects the lender should a buyer default on the home loan.

Mortgage Insurance Premium, MIP
a required 1.5% fee added into a FHA loan, paid at closing.

Mortgage originator
the actual company that lends the mortgage, the “originator.”