MORTGAGE RATE

A mortgage on a property with a secured loan has this type of interest rate.

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MORTGAGE REDEMPTION INSURANCE

To repay the balance on a mortgage loan in case the mortgagor dies before payoff, one buys this type of decreasing-term life insurance policy.

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MORTGAGE RISK

Loss probability that a mortgagor will fail to repay a mortgage loan fully.

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MORTGAGE SECOND

the name given to the second mortgage on the same property.

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MORTGAGE SECURITIZER

Originator or initiator of an asset backed security (ABS). Typically a business, bank, or individual. This entity can also transfer assets to the issuer directly or indirectly by monetizing and selling mortgage loans as stocks and/or bonds to other investors.

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MORTGAGE SUITABILITY

Lender accountability in advising consumers on a mortgage loan. Holds lenders accountable for steering a customer to unsuitable mortgage types. Lenders are very opposed to any standard. They state that it is impossible to know everything possible about a consumer prior to issuing a loan. There is no federal suitability in existences at this time.

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MORTGAGE TAKEBACK

Mortgage loan advanced and secured by this single-property seller.

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MORTGAGE TAX

Mortgage interest tax deduction. If the mortgage payer itemizes on the tax return this tax can be deducted from state and federal income taxes. Varies from state to state based on loan amount, property value, and property type.

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MORTGAGE-BACKED REVENUE BOND

Local or municipality issued bonds to fund low interest rate mortgages. the mortgage payments pay back the mortgage-backed revenue bonds. Similar to mortgage backed securities. Each bond has its own short-term maturity date, varying from 18 months up to 4 years. Also known as housing bond.

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