Loan Terminology
Term | Main definition |
---|---|
Manufactured Home | A home built entirely in a factory and then delivered to the site. |
Market Value | The most likely sale price for a home at a specific point in time. |
Modular Home | A home whose factory-built sections are brought to the site for assembly. |
Mortgage Broker | A professional who helps you shop for and compare loan products from different lenders. He or she does not represent a specific lending institution. |
Mortgage Insurance Premium (MIP) | Required for FHA-insured loans. Paid by the borrower, it protects lenders against loss if borrowers can |
Mortgage Lender | A financial institution that provides financing with the understanding that the money borrowed will be repaid, with interest, over a set time period. |
Mortgage Loan | A secured loan used to buy a home or other property. |
Mortgage Note | A legal document stating your obligation to repay the mortgage loan at a stated interest rate, over a set time period. |
Multiple Listing Service (MLS) | A series of regional databases that are available to real estate agents. The MLS has the most complete and up-to-date information on homes for sale. |