Mortgage

Business / Finance / Mortgage: A long-term debt instrument for the purchase of property by which the borrower uses the property itself for collateral.

Mortgage Servicing

Business / Finance / Mortgage Servicing: The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default, involved with a mortgage loan. MORE

Fixed-Rate Mortgage

Business / Taxes / Fixed-Rate Mortgage: A fixed-rate mortgage is a long-term loan that you use to finance a real estate purchase, typically a home. Your borrowing costs and monthly payments remain the same for the term of the loan, no matte MORE

Balloon Mortgage

Business / Taxes / Balloon Mortgage: With a balloon mortgage, you make monthly payments over the mortgage term, which is typically five, seven, or ten years, and a final installment, or balloon payment, that is significantly larger than MORE

Hybrid Mortgage

Business / Taxes / Hybrid Mortgage: Sometimes called an intermediate ARM, a fixed-period ARM, or a multiyear mortgage, a hybrid mortgage combines aspects of fixed-rate and adjustable-rate mortgages. The initial rate is fixed for a speci MORE

Mortgage Pipeline Risk

Business / Finance / Mortgage Pipeline Risk: The risk associated with taking applications from prospective mortgage borrowers who may opt to decline to accept a quoted mortgage rate within a certain grace period. MORE

Residential Mortgage

Business / Finance / Residential Mortgage: Mortgage on a residential property, tax-deductible for individuals up to $1 million. MORE

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