Federal Agricultural Mortgage Corporation

Business / Agriculture / Federal Agricultural Mortgage Corporation: An organization more commonly referred to as Farmer Mac, which is a secondary (resale) market for agricultural mortgages. Farmer Mac was authorized by the Agricultural Credit Act of 1987.

Mortgage Insurance Premiums (MIP)

Business / Real Estate / Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year. MORE

Mortgage Insurance (PMI Or MI)

Business / Loan / Mortgage Insurance (PMI Or MI): Insurance that may be required when a loan is greater than 80% of the value of the home. This insurance protects the lender in the event a borrower fails to make his or her loan payments. The borrower MORE

Mortgage Interest Deduction

Business / Finance / Mortgage Interest Deduction: A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence. MORE

Mortgage Lien

Business / Real Estate / Mortgage Lien: A lien or charge on the property of a mortgagor that secures the underlying debt obligations. MORE

Mortgage Loan

Business / Construction / Mortgage Loan: A contract in which the borrower's property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes MORE

Mortgage Life Insurance

Business / Finance / Mortgage Life Insurance: A life insurance policy that pays off the remaining balance of the insured person's mortgage at death. MORE

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