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Mortgage Loan Glossary

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M

Monthly mortgage loan payments

Monthly mortgage loan payments are payments that you make once a month to pay off your mortgage loan.

Mortgage loan

A mortgage loan is a loan you can get that is secured by real estate. When you get a mortgage loan, you're really just borrowing money to finance/refinance some real estate - and then you pay back that money you borrowed and some interest to your mortgage loan lender with your mortgage loan payments.

Mortgage loan application

See application.

Mortgage loan broker

A mortgage loan broker is an individual or company that arranges and negotiates mortgages on behalf of both you as a borrower and the lenders who will potentially lend for your mortgage.

The term broker does not only mean a broker under the applicable legislation, but can also mean a representative who is fully licensed under the applicable legislation.

Mortgage loan brokerage

A mortgage brokerage is a company that arranges and negotiates mortgages on behalf of both you as a borrower and the lenders who will potentially lend for your mortgage.

Mortgage loan disability insurance payments

Mortgage loan disability insurance payments are the payments you make if you got mortgage loan disability insurance with your home mortgage loan. Mortgage loan disability insurance payments are payments you make to ensure your mortgage loan payments are made for you in the case that you're disabled.

Mortgage loan financing

Mortgage loan financing is mortgage loan-cash that you get for the first time for your home, multi-residential or commercial real estate.

Mortgage loan illness insurance payments

Mortgage loan critical illness insurance payments are the payments you make if you got mortgage loan critical illness insurance with your home mortgage loan. Mortgage loan critical illness insurance payments are payments you make to ensure your mortgage loan is completely paid off for your spouse and/or family in the case of you getting critically ill.

Mortgage loan insurance payments

Mortgage loan insurance payments are payments you make if you get mortgage loan insurance for your home mortgage loan. You have to make mortgage loan insurance payments if you get a "high-ratio" home mortgage loan and use a mortgage loan brokerage's institutional lenders (like a bank or trust company). In English, that means if you borrowed more than 75% of your property's purchase price from an institutional lender, you gotta get your mortgage loan insured.

Mortgage loan job loss insurance payments

Mortgage loan job loss insurance payments are the payments you make if you got mortgage loan job loss insurance with your home mortgage loan. They are payments you make to ensure your mortgage loan payments are made for you in the case that you lose your job.

Mortgage loan lender

A mortgage lender is either a financial institution (like a bank or trust company) or an individual (a.k.a. a 'private lender') who lets you borrow money from them for your mortgage loan.

Mortgage loan life insurance payments

Mortgage loan life insurance payments are the payments you make if you got mortgage loan life insurance with your home mortgage loan. Mortgage loan life insurance payments are payments you make to ensure your mortgage loan is completely paid off for your spouse and/or family in the case of you dying.

Mortgage loan payment calculator

A mortgage loan payment calculator is a calculator you can use to calculate what your monthly and sometimes bi-weekly and weekly mortgage loan payments will be.

Mortgage loan payment formula

A mortgage loan payment formula is a mathematical equation you can use to calculate what your monthly and sometimes bi-weekly and weekly mortgage loan payments will be.

Mortgage loan payments

Mortgage loan payments are payments you make to pay off your mortgage loan. There are different kinds of payments you can make, including constant mortgage loan payments, interest-only payments and straight-line principal reduction mortgage loan payments.

Mortgage loan prepayments

Mortgage loan prepayments are payments that you can make to repay your principal (the amount you borrowed) during your mortgage loan term, in addition to your regular mortgage loan payments.

Mortgage loan process

The mortgage loan process is the steps you usually go through to get mortgage loans with a mortgage loan brokerage. The mortgage loan process usually includes the following steps:

  • Application
  • Prequalification
  • Underwriting
  • Qualification
  • Closing

Mortgage loan quote

A mortgage loan quote is a free estimate on how much your home or commercial mortgage loan payments could be.

Mortgage loan rate

A mortgage loan rate is the percentage of interest you'll be charged on your principal (the amount of money you borrowed) by your mortgage loan lender for borrowing money from them.

Mortgage loan refinancing

Mortgage loan refinancing is mortgage loan financing that you get for a second or third or fourth or infinite time for any of your real estate that you've already gotten financing for.

Mortgage loan services

Mortgage loan services are the services that most mortgage loan brokerages can provide you with. Mortgage loan services usually include mortgage loan financing and mortgage loan refinancing for your home real estate (your homes and multi-residential properties) and commercial real estate. And most brokerages can get you that financing/refinancing from both institutional lenders (like banks and trust companies) and private lenders. Some brokerages also provide investment mortgage loan services - services that can give you, as a mortgage loan lender, opportunities to invest in borrower's commercial or home mortgage loans.

Multi-residential mortgage loans

Multi-residential mortgage loans are for real estate that has more than one living unit like duplexes or apartment buildings. Multi-residential mortgage loans can only be for real estate that has less than 12 living units. Real estate that has more than 12 living units is considered to be commercial real estate.

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