Mortgage Loans Lock Float Choosing not to lock a rate immediately, hoping rates improve before closing.
Mortgage Loans MIP Mortgage Insurance Premium — required on FHA loans, often for the life of the loan.
Mortgage Loans Mortgage A loan used to finance the purchase of real estate, secured by the property itself.
Mortgage Loans Mortgage Broker An intermediary who shops multiple lenders to find a borrower the best loan.
Mortgage Loans Mortgage Credit Certificate (MCC) A federal tax credit for qualifying low/moderate income homebuyers on a portion of mortgage interest paid.
Mortgage Loans Negative Amortization When loan payments don’t cover interest, causing the balance to grow over time.
Mortgage Loans Non-QM Loan A mortgage that doesn’t meet the qualified-mortgage standards — often for self-employed borrowers.
