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Mortgage Loan Glossary

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Line of credit mortgage loan

A type of mortgage loan you can use to get a line of credit: an amount of money made available for you to borrow as you please.

Long term mortgage loan

A long term mortgage loan is a type of mortgage loan you can keep anywhere from six years to eighteen years. The long term mortgage loan is the opposite of the short term mortgage loan.

Low ratio mortgage loan

A low ratio mortgage loan is a type of mortgage loan that you can get when you make a down payment of 25% or more of your real estate's value. So for example, if you were getting a mortgage loan for real estate with a value of $100,000, you would make a down payment of $25,000 or more.

Low credit score

A low credit score is when you have a credit score of 680 points or less. You can get a low credit score by getting behind on credit card or loan payments, or just from borrowing a lot.