TOP F Federal Housing Administration. A federal agency that insures mortgages with lower down-payment requirements than conventional loans. A mortgage with an interest rate that remains constant over the life of the loan. TOP H Hazard insurance. 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.