Amount required to payoff the full balance of the mortgage at a given time. This amount is the principal balance plus any prepayment penalty.
Mortgage relief
Acquired freedom from mortgage debt, generally through assumption of mortgage by another party or debt retirement.
Mortgage requirement
The amount of a periodic payment, including interest and principal, required for a mortgage payment.
Mortgage risk rating
The amount of risk for a mortgagee in granting a mortgage loan. Principle in mortgage risk is that a maximum of 28% of the mortgagor's salary being devoted to the mortgage payment and 33% to total debt payments (including the mortgage).
Mortgage servicing
Monitoring and administering a mortgage loan after it has been made. This may include collecting monthly payments, record keeping, tax and insurance records, and foreclosures.
Mortgage share (participation) agreement
A written agreement between institutional investors to buy or sell ownership shares in mortgages.
Mortgage-backed security
Certificates that pass-through principal and interest payments to investors.
Mortgagee
Financial institution that lends money to a borrower, taking a lien on that particular property as security.
Mortgagor
Person or entity who borrows money to purchase a house, granting a mortgage on the property to the lender as security for the loan.
Mortise
(1) A notch, hole or space cut into a material to receive the projecting part called a tenon. (2) To join or fasten securely with a mortise and tenon.
