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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Confused By The Mortgage Terms and Definitions? Get The Answers Here!
 
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Manufactured Home - Margin - Maturity - Monthly Mortgage Payment - Monthly Principal and Interest (P&I) Payment - Mortgage - Mortgage Banker - Mortgage Broker - Mortgage Insurance - Mortgage Insurance Premium - Mortgage Life Insurance - Mortgage Loan - Mortgage Loan Insurance - Mortgage Term - Mortgagee - Mortgagor


Manufactured Home - A factory assembled residence built in units or sections that are transported to a permanent site and erected on a foundation.

Margin - The percentage difference between the index for a particular loan and the interest rate charged. This is a number predetermined by the lender.

Maturity - The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

Monthly Mortgage Payment - A monthly mortgage payment typically contains four parts called the PITI (principal, interest, taxes, and insurance). If you pay your taxes and insurance on your own, you pay only principal and interest to your lender.

Monthly Principal and Interest (P&I) Payment - Principal and Interest is the dollar portion to repay the loan. All interest that occurs is calculated on the current balance owing. The principal reduces the remaining balance of a mortgage.

Mortgage - A legal document by which real property is pledged as security for the repayment of a loan.

Mortgage Banker - An individual or company that originates and/or services mortgage loans.

Mortgage Broker - An individual or company that arranges financing for borrowers.

Mortgage Insurance - Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 25% of the home's appraised value.

Mortgage Insurance Premium - A premium which is added to the mortgage and paid by the borrower over the life of the mortgage. The mortgage insurance insures the lender against loss in case of default by the borrower.

Mortgage Life Insurance - A form of reducing term insurance recommended for the borrower. In the event of the death of the owner or one of the owners, the insurance pays the balance owing on the mortgage. The intent is to protect survivors from losing their home.

Mortgage Loan - A loan for which real estate serves as collateral to provide for repayment in case of default.

Mortgage Loan Insurance - For high-ratio mortgages, lenders require mortgage loan insurance. The insurance premium will generally cost between 0.5% and 3.75% of the amount of the mortgage (additional charges may apply).

Mortgage Term - The length of time given to repay the loan.

Mortgagee - The lender in a mortgage loan transaction.

Mortgagor - The borrower in a mortgage loan transaction.
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