Protection against damage caused by common hazards. Many lenders require borrowers to carry an insurance amount at least equal to the mortgage. TOP I Interest. The cost paid to a lender for borrowed money. TOP M Mortgage broker.
Brokers help buyers find a mortgage with one of several lenders they represent.
A letter from a lender agreeing to make a mortgage for a specific property, specifying the loan amount, length of time and other conditions. A contract in which the borrower's property is pledged as collateral. The loan is repaid in installments. The buyer promises to repay principal and interest, keep the home insured, pay all taxes and keep the property in good condition. Mortgage origination fee.