Business / Debt / Mortgage: A loan in which the borrower (the mortgagor) offers a property and land as security to the lender (the mortgagee) until the loan is repaid. Repayments of the loan are usually made on a monthly basis over a long period of time, typically 25 years.
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Business / Loan / Private Mortgage Insurance: Private Mortgage Insurance (PMI or MI)- Insurance required to be paid for by the borrower to protect the lender in the event payments are not made on time; most often required when the loam amount exc MORE
Business / Finance / Open-End Mortgage: Mortgage against which additional debts may be issued. Related: Closed-end mortgage. MORE
Business / Real Estate / Government National Mortgage Association (GNMA): A federal agency created in 1968 when the Federal National Mortgage association (FNMA) was partitioned into two separate corporations. Ginnie Mae, as it is popularly called, is a corporation without c MORE
Business / Finance / Residential Mortgage: Mortgage on a residential property, tax-deductible for individuals up to $1 million. MORE
Business / Debt / Reverse Mortgage: An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. MORE