Quickloans Glossary
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J
JUMBO LOAN
Loan which is larger than the limits ($214,600) set by FNMA and FHLMC. Because jumbo loans cannot be funded by these agencies, they usually carry a higher interest rate.
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L
LIEN
A claim upon a piece of property for the payment of satisfaction of a debt or obligation.
LOAN-TO-VALUE RATIO
The relationship between the amount of the loan and the appraised value of the property expressed as a percentage.
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M
MARGIN
Rate expressed as a percentage that a lender adds to the index on an adjustable rate loan to establish the adjusted interest rate.
MORTGAGE INSURANCE
Paid to insure the mortgage when the down payment is less than 20 percent. See Private Mortgage Insurance.
MORTGAGEE
The lender.
MORTGAGOR
The borrower or homeowner.
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