Mortgage Loan


Definition of "Mortgage loan"

Same as term mortgage: A lien that makes property security for the repayment of debt. Mortgages can finance the acquisition of real estate such as a home. A mortgage has certain benefits compared to other debt instruments such as possibly lower interest rates, less financing restrictions, and long maturity period.

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Popular Real Estate Terms

Equity

In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...

Secondary Mortgage Markets

Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage mar ...

Point

Loan service charge; each point equals 1% of the amount of the total mortgage loan, which must be paid up front when a home is purchased. It is a one- ...

Wraparound Mortgage (trust Deed)

Also called all inclusive trust deed (AITD). A mortgage (trust deed) that encompasses existing mortgages and is subordinate to them. The existing mort ...

Deed Of Trust

Also called trust deed. A document that conveys title to a neutral third party during the period in which the mortgage loan is outstanding as collater ...

Take-out Loan

Form of financing that replaces or "takes-out" a construction loan to a developer. The take-out loan is a permanent mortgage loan which replaces the ...

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