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Mortgage Glossary


Mansion Tax

A tax charged by some state or local governments at the time of transfer of real estate title from one owner to another particularly for high valued properties. For our comparison purposes, this fee is considered to be a tax or other unavoidable fee.


The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period.


The date on which the principal balance of a financial instrument becomes due and payable.

Monetary Policy

Actions by the Federal Reserve System to influence the cost and availability of credit, with the goals of promoting economic growth, full employment, price stability and balanced trade with other countries.

Monthly Payment

The minimum monthly payment required during the draw period will be equal to the interest due. We will multiplying your home equity balance by the periodic interest rate and divide the results by 12 months to calculate the interest due. After the draw period ends, you must repay the outstanding balance over a 15 year period. During this repayment period your monthly payments will equal 1/180th of the principal balance that was outstanding at the end of the draw period plus finance charges that accrued on the outstanding balance during the billing cycle.


The legal document used by a borrower to pledge their property as security in order to obtain a loan. In some areas of the country, the mortgage is called a "deed of trust".

Mortgage Insurance

Insurance provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults. The borrower usually pays the cost of the insurance and is most often required if the loan amount is more than 80% of the home's value. Sometimes referred to as private mortgage insurance.

Mortgage Insurance Premium (MIP)

Amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company.

Mortgage Tax

A tax charged by some state or local governments that is paid to the state when a mortgage is obtained. For our comparison purposes, the mortgage tax is considered to be a tax and other unavoidable fee.