Understand the most important lending and mortgage terms. Mortgages can be confusing for the first time home buyer, so let us help explain. Below you'll find explanations for most of the mortgage industry terms.
What is Mortgage Insurance?
A contract that insures the lender against loss caused by a mortgagor's default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a…
What is Mortgage Life Insurance?
A type of term life insurance In the event that the borrower dies while the policy is in force, the debt is automatically paid by insurance…
What is Mortgage note?
A legal document that obligates a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a…