Mortgage Program

Definition of "Mortgage Program"

A bundle of mortgage characteristics that lenders view as comprising a distinct category. The characteristics used include whether it is an FRM, ARM, or Balloon, the term, the initial rate period or the index on an ARM, whether it is FHA-insured or VA-guaranteed, and if it is not FHA or VA whether it is 'conforming' (eligible for purchase by Fannie Mae or Freddie Mac) or 'non-conforming.'

Search Real Estate Glossary

Related Real Estate Glossary terms

Medicare Catastrophic Coverage Act

Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the ben ...

Premises Sold Exclusion

In a commercial general liability (comprehensive general liability) policy, exclusion of coverage fo ...

Purchasing Power Risk

Investment risk associated with the relationship between the yield (interest, dividends, and capital ...

Unit

Segregated part of a structure such as an office in an office building or a residence in an apartmen ...

Family Policy

Contract providing whole life insurance on the father and term insurance on the mother and all child ...

Doctrine

Legal rule, principle, or tenet. ...

Related Real Estate FAQ

What Is Earnest Money?

Earnest money is a deposit you make when you make an offer on a house. ...

What Does An Appraisal Mean?

An appraisal is an estimate of the value of a certain property by a qualified, independent individua ...

What Does Preapproved Mean?

When you are preapproved, you have a definite commitment from a lender ...

What Is A Balloon Mortgage?

A type of mortgage in which the loan amount is amortized over the full length of the loan (usually 3 ...

Do I Need Life Insurance?

Whether you are a .boomer. an .X-er. or an .empty Nester. it is never to or too late . to think abou ...

What Is A Convertible ARM?

A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mort ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

7 Tips for a First Time Homebuyer Short Sale Homes What is Earnest Money Tax Breaks for the First Time Home Buyer Why Right Now is a Good Time for Millennials to Buy a Home

FAQ

What is a Ginnie Mae? What is a quit claim deed? Do I need Life Insurance? How can I protect my Home Office? What is the difference between a real estate broker and a real estate agent?