Category: Mortgage Glossary

Mortgage Insurance Premium loans mortgage terminology definition

Mortgage Insurance Premium: The amount of money you pay, either monthly included as part of your mortgage payment or annually out of an escrow account, that insures your mortgage from default. The FHA requires mortgage insurance for any borrower that is f

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Certificate of Eligibility loans mortgage terminology definition

Certificate of Eligibility: You need this in order to prove your entitlement to participate in the VA Home Loan Guarantee Program. In order to get a Certificate of Eligibility, you should contact a VA-approved lender who, in most cases, can use the ACE sy

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Mortgage Broker loans mortgage terminology definition

Mortgage Broker: A person who takes the financial and credit information of people who are looking for a mortgage lender and facilitates the mortgage process by shopping for a mortgage loan for the borrower. You will usually pay a commission fee for the s

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Broker loans mortgage terminology definition

Broker: A person who is in the business of shopping for mortgage loans. A broker is the middle-man who takes the information from people looking to borrow money and shops around to different lenders in order to find a loan for their clients. Brokers get a

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