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Important Terms

Here are some of the terms that will help select the right mortgage tools.

Mortgage Refinance

Mortgage Refinancing is a process in which you replace one or more existing loans or debts with a new loan. MFG refinance home mortgages in case people run short of funds to pay off monthly payments on mortgages.

Amortization Schedule

An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator.

Mortgage Pre-qualification

A mortgage lender will evaluate a potential homebuyer's credit report plus earnings, savings and debt information to get an estimate of the mortgage amount the borrower would qualify for. This is based on documentation the borrower has in hand, or what the borrower tells the lender.

Home Equity Loan

A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.

Line of Credit

A line of credit is any credit source extended to a business by a bank or financial institution. A line of credit may take several forms such as cash credit, overdraft, demand loan, export packing credit, term loan, discounting or purchase of commercial bills etc. It is like an account that can readily be tapped into if the need arises or not touched at all and saved for emergencies.

Early Mortgage Payoff

Early payoff is paying off a loan prior to its original term; that is, paying a 30-year loan in less than 30 years (perhaps 10 years or 25 years). To a certain extent, though, an early payoff has come to mean paying off in a reasonable time rather than refinancing (often at a higher balance than the original mortgage) to infinity.

FHA Loans

In general, FHA loans are intended to help homebuyers with certain qualifications purchase a home with a lower down payment, lower interest rate, and/or lower credit rating than is normally required by a conventional loan.

Mortgage Insurance

Mortgage insurance (also known as mortgage guaranty) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG).

Closing Costs

The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the "closing". It is common for a variety of costs associated with the transaction (above and beyond the price of the property itself) to be incurred by either the buyer or the seller. These costs are typically paid at the closing, and are known as closing costs.

Debt Consolidation

Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. It can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house.

Mortgage Home Loans

A mortgage home loan is to finance the purchase of real estate and property, especially for residential purposes, usually with specified payment periods and interest rates. The loan is secured by through the use of a document which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage home loans.

Annual Percentage Rate

The terms annual percentage of rate (APR), nominal APR, and effective APR (EAR)[1] describe the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage, credit card, etc.

Interest Only Mortgage

An interest only mortgage is one in which your monthly payment is nothing, or mostly, all interest payments instead of paying down on the principle of your loan.

Commercial Loan

A loan from a commercial bank to a business. The terms of the loan vary depending on the economy, the ability of the business to repay the loan and past business dealings between the business and the bank. Loans may be secured by the particular asset being purchased, and/or with additional assets of the company (i.e., accounts receivables, property, other tangible assets, etc.).

Reverse Mortgage

A reverse mortgage (or lifetime mortgage) is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g., into aged care).