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Mortgage Glossary

Mortgage Broker

A person or company that takes mortgage applications, performs many loan processing functions (ordering credit reports, appraisals etc.), and offers a borrower loans found from a search of sources—for a fee or commission.

Mortgage Insurance (MI)

A policy that guarantees payment of a mortgage loan in case of default. Paid by the homeowner, mortgage insurance is not required on a conventional loan if your down payment is at least 20 percent.

Mortgage Insurance Premium (MIP)

An amount paid at closing or as a part of your monthly payment for mortgage insurance.

Mortgage Note

A document that holds you legally responsible to repay your loan. It indicates the terms and conditions of the loan and how it will be repaid, the monthly payment amount, the date payment is due, the interest rate and the length of the mortgage.


Your mortgage lender, who holds the mortgage note as legal evidence of your promise to repay the loan.

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