M Glossary Terms

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MODIFICATION
The act of changing any of the terms of a mortgage so that the borrower of a defaulted mortgage can avoid foreclosure.

MORTGAGE
A document in which the borrower gives the lender a lien on the property as security for the payment of an obligation. 

MORTGAGE BROKER
A fee-based intermediary between the lender and borrower. 

MORTGAGE INSURANCE
An insurance policy that would reimburse the lender for part of their losses in the event that a borrower defaults on their mortgage loan. This insurance is obtained by the mortgage lender and are paid monthly by the borrower from the escrow account. The mortgage insurance is usually required when the borrower’s down payment is less than 20%.
• PMI (Private Mortgage Insurance)
A private insurance company insures the mortgage loan.
• MIP (Mortgage Insurance Premium)
A government agency insures the mortgage loan such as FHA.