Business / Agriculture / Federal Agricultural Mortgage Corporation: An organization more commonly referred to as Farmer Mac, which is a secondary (resale) market for agricultural mortgages. Farmer Mac was authorized by the Agricultural Credit Act of 1987.
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Business / Real Estate / Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year. MORE
Business / Loan / Mortgage Insurance (PMI Or MI): Insurance that may be required when a loan is greater than 80% of the value of the home. This insurance protects the lender in the event a borrower fails to make his or her loan payments. The borrower MORE
Business / Finance / Mortgage Interest Deduction: A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence. MORE
Business / Real Estate / Mortgage Lien: A lien or charge on the property of a mortgagor that secures the underlying debt obligations. MORE
Business / Construction / Mortgage Loan: A contract in which the borrower's property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes MORE