A one time amount paid by a mortgagor for mortgage insurance either to FHA or a private mortgage insurance company.
Mortgage interest deduction
Tax write-off, allowed by the IRS, where owners may deduct annual interest payments made on real estate loans.
Mortgage lien
A mortgage lien secures the loan that funded the purchase of that property.
Mortgage life insurance (mli)
Term life insurance paid by the borrower in which the amount of coverage decreases as the mortgage balance declines. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.
Mortgage market
The interest rate and terms competing mortgage lenders are offering to potential mortgagees.
Mortgage note
A written promise to pay a sum of money at a stated interest rate during a specified term. A mortgage note is secured by a mortgage.
Mortgage out
The obtaining of financing at or in excess of the construction or acquisition cost of a project. The acquirer/developer is not required to invest any equity capital.
Mortgage payment table
Tables used to compute the monthly mortgage payment that consists of principal repayment and interest. A loan amortization type of formula is used. The tables have monthly payments for any combination of loan size, interest rate and term.
Mortgage pool
A collection of loans of similar nature, which are sold as a unit in he secondary, market or used to back a security, which is then sold in the capital markets.
Mortgage reit
Type of real estate investment trust (REIT) that does not own property but gives construction or permanent mortgage loans for major projects.
