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Mortgage Loan Glossary

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Pay out

When you 'pay out' your mortgage loan it means you completely pay it off. You pay back all of your principal (the amount of money you borrowed for your mortgage loan) and any interest that you were charged on that principal.

Portable mortgage loan

A portable mortgage loan is a type of mortgage loan that you can get for some home or multi home real estate, and then take with you to use on some new home or multi-residential real estate.

Prequalify

When you 'prequalify' for a mortgage loan, it means that it's pretty certain you can get the mortgage loan you applied for, as long as your application information is correct.

Principal

Your principal is the amount of money you borrowed for your mortgage loan.

Printable mortgage loan application

A printable mortgage loan application is an application you can find on some mortgage loan brokerage's web sites - that you can print with your computer printer and fill in by hand with a pen. You can tell an application on a web site is a 'printable' application if it does not have a 'submit' button that you can press (you'll usually have to 'scroll down' to the bottom of your computer screen to see if the application has a submit button or not). Once you print off and fill in a printable mortgage loan application, you usually fax it to your mortgage loan brokerage. There are also online mortgage loan applications.

Private mortgage loan

A private mortgage loan is a mortgage loan you get from private mortgage loan lenders for your home, multi-residential or commercial real estate.

Private mortgage loan lenders

Private mortgage loan lenders are individuals (so not banks, trust companies, or any type of financial institution) that lend money for people to get mortgage loans. There are also institutional mortgage loan lenders.

Property tax payments

Property tax payments are the payments you make to pay taxes on your mortgage loand home property.