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Glossary of Mortgage and Home Equity Terms

To navigate through our glossary, click on the first letter of the word you’re looking for.
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Balloon Mortgage
A mortgage that has level monthly payments that would fully amortize over a stated term, but which provides for a lump-sum payment to be due at the end of an earlier specified term.
Balloon Payment
A large lump-sum payment due at the end of some types of home equity lines of credit or home equity loans.
A proceeding in a federal court in which a debtor, who owes more than his or her assets, can discharge personal liability for his or her debts. This may affect a borrower's personal liability for a mortgage debt but not the lien of the mortgage.
Biweekly Mortgage
A mortgage with payments due every two weeks, totaling 26 payments a year.
A person (also known as”the mortgagor”) who receives funds in the form of a loan with an obligation to repay principal balance with interest.
Borrower Paid Mortgage Insurance (BPMI)
Insurance in which the cost of the mortgage insurance is added to the monthly mortgage payment. Borrowers have the right to request a cancellation of BPMI when the loan-to-value ratio reaches 80% of the original value. When the loan-to-value ratio reaches 78% of the original value, BPMI will be automatically terminated.
Break-Even Point
The point at which a revenue or gain is equal to total expenses.
Money advanced by an individual (builder, seller, etc.) to reduce the monthly payments for a home mortgage either during the entire term or for an initial period of years.
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