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Listings for Mortgages Key Terms (106)

 

Subprime mortgage

Subprime mortgage When lenders use the term, they generally mean a loan program for borrowers who do not qualify for a prime loan, often with […]

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Short sale

Short sale A short sale is a sale of your home for less than what you owe on your mortgage. A short sale is an […]

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Shared appreciation mortgage

Shared appreciation mortgage Under a shared appreciation mortgage, you agree to give your lender a share of any increase in the value of your home.

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Servicer

Servicer Your mortgage servicer is the company that sends you your mortgage statements. Your servicer also handles the day-to-day tasks of managing your loan. Your […]

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Seller financing

Seller financing Seller financing is a loan that the seller of your home makes to you.

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Security interest

Security interest The security interest is what lets the lender foreclose if you don’t pay back the money you borrowed.

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Second mortgage

Second mortgage A second mortgage or junior lien is a loan you take out using your house as collateral while you still have another loan […]

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Right of rescission

Right of rescission The right of rescission refers to the right of a consumer to cancel certain types of loans. If you are buying a […]

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Reverse mortgage

Reverse mortgage A reverse mortgage allows homeowners age 62 or older to borrow against their home equity. It is called a “reverse” mortgage because, instead […]

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Repayment plan

Repayment plan A repayment plan is a structured way to make up your missed mortgage loan payments over a certain period of time. This is […]

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