A mortgage loan that permits a new home purchaser to undertake the obligation of an existing loan without altering loan terms. Typically applicable to FHA and VA loans.
A guaranteed mortgage is a type of home loan in which a third-party organization guarantees repayment to the lender in case the borrower defaults. These guarantees are often provided by government agencies, enhancing the chances of loan approval and potentially offering favorable terms to the borrower.
Mortgage Insurance Premium (MIP) is the fee paid by a mortgagor to obtain mortgage insurance on a mortgage loan. This fee can be collected as a lump sum at loan closing, as part of the monthly payment, or both.
