- margin
- The
number of percentage points a lender adds to the
index value to calculate the ARM interest rate at
each adjustment period. A representative margin
would be 2.75%.
- mortgage
- A
legal document that pledges a property to the lender
as security for payment of a debt.
-
-
mortgage disability insurance
- A
disability insurance policy that will pay the monthly
mortgage payment in the event of a covered disability
of an insured borrower for a specified period of
time.
-
- mortgage
insurance (MI)
-
Insurance written by an independent mortgage insurance
company protecting the mortgage lender against loss
incurred by a mortgage default. Usually required
for loans with an LTV of 80.01% or higher.
-
-
mortgagee
- The
person or company who receives the mortgage as a
pledge for repayment of the loan. The mortgage lender.
- mortgagor
- The
mortgage borrower who gives the mortgage as a pledge
to repay.
YOUR
FRIENDLY COLORADO MORTGAGE BROKER SINCE 1977
Home
| Today's
Rates
| Loan Programs | Refinance
Pre Qualified | Apply On-Line
| Toolkit
About Us | Contact
Us | Site Map
Copyright
Alpha Mortgage © 2003, All rights reserved.
|
