M
- Minimum age of borrower
- With the exception of student loans, most loans require borrowers to meet an age requirement. In general, the minimum age of borrower is 18 years, although some mortgages set the limit to 21 or 25. I... view full definition of "Minimum age of borrower"
- Mortgage
- A mortgage is the asset used as collateral or security on a home loan, which is usually all or part of the value of the property being purchased. Mortgage can also refer to the loan itself, or the co... view full definition of "Mortgage"
- Mortgage Discharge
- Mortgage discharge is a fee paid when a home loan is closed before the loan period ends. It serves as the borrower's penalty for breaking the loan terms, and is meant to cover the losses suffered by ... view full definition of "Mortgage Discharge"
- Mortgage Insurance
- Mortgage insurance is a policy that protects lenders against borrowers who default or are unable to pay off their loans. It is usually optional in standard home loans, but required in non-conforming ... view full definition of "Mortgage Insurance"
- Mortgage Offset
- A mortgage offset is a bank account that is linked to a home loan. In a mortgage offset, repayments are taken directly from the linked account, but may be withdrawn as needed. This allows borrowers t... view full definition of "Mortgage Offset"
- Mortgage Protection Insurance
- Mortgage Protection Insurance is a policy that covers mortgage repayments in case the borrower is unable to make them, either due to death, financial loss, health, or involuntary unemployment. It is ... view full definition of "Mortgage Protection Insurance"
- Mortgage Stamp Duty
- Mortgage stamp duty is a state tax imposed on the sale value of a property. The name comes from the tax stamp placed on the document upon payment, although a physical stamp is no longer necessary. It... view full definition of "Mortgage Stamp Duty"
- Mortgagee
- A mortgagee is a person or company that lends out money to help others buy homes or property. The borrowing party is known as the mortgagor. More commonly known as a lender or creditor, the mortgagee... view full definition of "Mortgagee"