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Mortgage Loan Glossary

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Second mortgage loan

A second mortgage loan is a mortgage loan type you get after you've gotten a first mortgage loan on your home, multi-residential or commercial real estate.

Self employed mortgage loan

A self employed mortgage loan is the type of mortgage loan you get if you're a self employed human. You don't need income verification to get qualification for a self employed mortgage loan. All you need is a small down payment.

Short term mortgage loan

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

Straight-line principal reduction mortgage loan

A straight-line principal reduction mortgage loan is a type of mortgage loan that lets you pay off your entire principal (the amount of mortgage loan-money you borrowed) by the end of your mortgage loan term.

Straight-line principal reduction mortgage loan payments

Straight-line principal reduction mortgage loan payments are payments that pay off your principal (the amount of money you borrowed) by the end of your mortgage loan term.